The federal financial aid program requires that all participating institutions be accredited. Beyond that, accreditation is necessary to maintain a high standard but within the MBA field, a field with no future licensing requirements, it's more a matter of choice.
An MBA will be program-specific. That is, your MBA is in a particular area, as opposed to being a degree that stands on its own. For example, you could earn your MBA in finance, as opposed to a generic MBA. Every area of business will have its own MBA program.
Because you can work at your own pace, it's difficult to pinpoint an exact time frame for degree completion. However, the average time to complete an MBA through distance education is two years.
The program you select will be able to give you a better idea of the expected timeline, provided you follow it. It takes the same amount of time to complete a degree whether it is an on-site or distance program. However, the prospective student must understand the amount of time specified is in actual hours spent on the degree as opposed to calendar dates.
The most obvious benefit is the ability to further your education without disrupting your life or the lives of your immediate family members. The savings in tuition and on-campus fees is an added bonus. There is also the ability to continue working, which is a benefit in that your education will enhance whatever field you are currently working in, as well as not taking time off.
Distance programs, because they do not have to limit the number of students the way on-site institutions do, rarely require the GMAT. Some allow it to be used in place of academic work, but most do not require it at all.
According to the University of London, which claims to be the oldest distance education program in the world, distance education will grow quickly over the next five years. That prediction has been echoed by the U.S. Department of Education.
Obtaining an advanced business degree such as the MBA via distance education is practical. Because of its lack of required experimentation in a controlled laboratory environment, an MBA is easily adapted from on-site to distance education models. Through online forums, chats and video lectures, business students can get the education they need to succeed in earning their MBA.