New Mexico is a state in the beginning stages of an economic upswing thanks to its involvement in federal projects, scientific study, healthcare services, and business. The state boasts a population of over 2 million, with 559,277 living in the state capital of Albuquerque. Given the state’s population and size, New Mexico has a lot of room to grow. New Mexico’s institutions of higher education are responsible for many of these gradual improvements in the state. The University of New Mexico is the largest employer in the state and benefits the population by offering diverse educational programs. One of the strongest developments is the state’s distance learning programs, especially in the field of business. An online MBA is important for business professionals in New Mexico.
There are five main universities that offer online MBA program in New Mexico: New Mexico State University, University of Southwest, Eastern New Mexico University, Western New Mexico University, and New Mexico Highlands University. These universities also happen to be five of the top online colleges in New Mexico.There are several important benefits for in-state students who enroll in online program. Local distance learners can reap all of the benefits of asynchronous course delivery while also being able to access on-campus resources. Online tuition rates are also slightly cheaper on average than in-state tuition. Online programs are also advantageous when it comes to program length. These programs are typically self-paced, allowing students to earn their degree in just 18 months. However, those who need to take their time can earn their degree in three years. The main benefit is that the amount of time it takes to earn your MBA is dependent on your schedule instead of an arbitrary academic calendar.
Location also plays a big part in the decision between on-campus and online education. Many of these universities are located in large cities that have a higher average cost of living. As a result, the cost of studying on-campus is higher because of this increased cost of living. This makes distance learning even more attractive, as students can live anywhere and take advantage of a lower cost of living.
|Percentage of Students Enrolled by Distance Education|
MBA Concentrations for New Mexico Students
Online MBA programs in New Mexico offers a variety of concentrations that allow students to customize their degree based on their long-term career goals. These programs include some common concentrations like accounting and administration, but there are also options that are unique to New Mexico’s top industries. Since the state has huge stakes in oil, coal, and other energy resources, an international business concentration may be ideal for those who want to make global dealings with energy companies. Similarly, New Mexico is heavily involved in government funded projects and policing, so a law enforcement and corrections concentrations may be ideal for those who want to pursue a government job.
- International Business : This concentration teaches students about other economies, international negotiations, and strategy. It prepares them for a career in an international business, such as tech, oil, finance, or energy industries.
- Healthcare Administration: This concentration teaches students about healthcare technologies, healthcare systems and organization, and other finance topics that are specific to healthcare. It prepares them for a career in the business side of healthcare services.
Accreditation in New Mexico
When searching for an online MBA in New Mexico, you’ll want to choose a program that is accredited. There are two main types of academic accreditation: regional and national. Regional accreditation is considered more prestigious than national accreditation. Regional accreditation is typically pursued by public, nonprofit universities, while national accreditation is usually earned by for-profit colleges and trade or vocational schools. The criteria to become a regionally accredited university in New Mexico includes: a mission, ethical conduct, quality resources and support, evaluation and improvement, and institutional effectiveness. Regionally accredited schools meet certain academic standards that ensure that they provide a high-quality education.
As previously stated, New Mexico’s economy is rooted in federal spending and energy resources. The state also devotes a large quantity of resources to the health services and tourism industries. These businesses thrive in New Mexico because of the oil and coal in the state, its long history of research and development sites, and its national border with Mexico. There is a place for business in all of these industries, but most career opportunities can be found in energy brokerage and federal spending. New Mexico’s overall unemployment rate is on the decline, reducing from 6.7% to 6.2% over the past year, and is expected to continue decreasing. Xcel Energy, a company with 3.3 million electricity customers, plans on investing $1.5 million in Texas and New Mexico projects in the next three years.
Top Employers in New Mexico
|Company||Industry||Headquarters City||Number of Employees|
|University of New Mexico||Education and Research||Albuquerque||12,000|
|Los Alamos National Security, LANS||Research and Development||Los Alamos||11,200|
Job prospects for New Mexico online MBA students are promising thanks to the state’s hopeful projections for expanding energy and federal business possibilities. These factors are important because they create a demand for highly-skilled MBA graduates who can command higher salaries.
The average graduate with an associate degree in business in New Mexico earns roughly $44,000 each year. This figure increases to $58,000 for those with a bachelor’s degree and $64,000 for those with an MBA. What’s more, those with an MBA can be put on a fast track to management positions and other high positions of authority within a company. Earning an online MBA in New Mexico can prepare you to increase your annual salary and opens the doors to a wide variety of other advanced career opportunities.
|Average Salary by Degree|
Careers for MBAs in New Mexico
- Financial Business Analyst
These professionals can be found in workplaces that need several generalist financial experts to handle financial planning, business deal analysis, and other essential tasks. Financial business analysts can work in a variety of settings, including research facilities and healthcare services settings. The average base salary is $54,900, with senior analysts commanding an average salary of $90,000.
- Financial Manager
Financial managers typically required the extra leadership and business skills that are learned in an MBA program. Most companies have a financial manager, though they are most common in businesses related to energy resources and distribution or health services. Financial managers earn an average base salary of $97,436.
- Business Development Manager
These professionals manage the development of a company’s business practices, models, and efficacy. In New Mexico, this is a common position in energy distribution companies. The average base salary is $50,000, while business development directors can earn an average of $96,368 each year.
- Chief Financial Officer
This position may require qualifications beyond an MBA depend on the size of the company, such as past work experience in business, management, and finance. CFOs can be found in energy companies, research facilities, and health services organizations in New Mexico. The average base salary for this position is $125,491. Growth in this position often involves moving to a different company.
- Accounting Manager
Like business analysts, account managers are concerned with the finances and accounting for a company. THey can be found in all major fields in New Mexico, including energy, research, health services, education, and federal spending. The average base salary for this position is $84,000.
The following list includes New Mexico’s top online MBA programs, all of which are fully accredited. You can use this list to compile a list of all the programs you are considering, and then compare them with one another to determine which one is best for you.
|Rank||School||Location||Cost||Toggle||Logo||Tuition||% Receiving Financial Aid||Student Population||School Type||Description|
Eastern New Mexico University
|Location Portales, NM||Tuition||Tuition $8,070||% Receiving Financial Aid 33%||Student Population 5,725||School Type Public||View School Profile|
New Mexico Highlands University
|Location Las Vegas, NM||Tuition||Tuition $10,064||% Receiving Financial Aid 38%||Student Population 3,499||School Type Public||
ConcentrationsView School Profile
New Mexico State University
|Location Las Cruces, NM||Tuition||Tuition $30,276||% Receiving Financial Aid 40%||Student Population 15,490||School Type Public||View School Profile|
University of the Southwest
|Location Hobbs, NM||Tuition||Tuition $21,564||% Receiving Financial Aid 55%||Student Population 1,059||School Type Private||
Western New Mexico University
|Location Silver City, NM||Tuition||Tuition $9,000||% Receiving Financial Aid 41%||Student Population 3,354||School Type Public||
ConcentrationsView School Profile
There are many important considerations to make before settling on an online MBA program in New Mexico. These include factors discussed above like cost, accreditation, and available specializations. The following list includes some key steps to follow during the program research process for MBA options in any state.
Compare student outcomes data
Student outcomes include graduation rate, year-to-year retention rate, the average debt for a graduate from that school, and overall student satisfaction with their degree program. Student outcomes do not guarantee you will be satisfied with a particular program, but can be useful for pinpointing a school’s strengths and weaknesses.
Estimate the expected costs of your programs
Virtually every accredited college or university posts tuition rates online. Additionally, you should research other college-related costs like living accommodations and meal plans (if you plan to live on-campus), administrative fees, and technology fees (for online students). You should also look into scholarships, grants, and other forms of institutional financial aid that can offset some of the costs.
Check that classes will fit in with your schedule
Scheduling is critical for students with other important commitments, such as childcare or full-time employment. Many online programs are asynchronous, or self-paced; students in these tracks are free to complete course requirements on their own schedule. Synchronous programs, on the other hand, require weekly online meetings with teachers and fellow students.
Look for partnerships with local businesses
A large number of online MBA programs include internship and/or capstone practicum requirements ― and in many cases, students are able to gain on-the-job training and real-world office experience. You should look into the school’s business partnerships, particularly in regard to the industry you plan to enter after earning your MBA.
Make sure the program is accredited
Accreditation status should always be available and easily accessible on a school’s website. In addition to regional or national accreditation, some MBA pathways receive programmatic accreditation. Recognized programmatic accreditors for MBA programs include the Accreditation Council for Business Schools and Programs (ACBSP) and the International Accreditation Counsel for Business Education (IACBE).
Talk to current students and/or recent alumni
You should contact the alumni office at each school you are considering and ask to be connected with former students. These individuals can be good sources of information about education costs, life on- and off-campus, local business tips, and other important details for aspiring MBA students.