Students currently working in the business field and those who want to work in management positions will find online master's in logistics and supply chain management programs useful. These programs meet online and allow students to work in their assignments and other weekly tasks around their already busy schedules. Many ask that students log in a few times a week to participate in class discussions too.
Many of the top programs focus heavily on supply chain management, which refers to the way in which products move through development. Supply chain management includes the products made in the factories, the way those products move from the factories to stores and even what shops do with those products. This article will look at the most affordable programs in logistics and supply chain management and provide answers to some of the frequently asked questions that prospective students have.
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Most Affordable Master's in Supply Chain & Logistics Online
Methodology
To create a list of the most affordable online master's in logistics and supply chain management programs, we turned to College Navigator because it maintains the most accurate information about colleges today. Though the database included information on 26 different colleges with online programs of this type, we looked at the tuition that students paid to narrow down those schools to the top 10. We used in-state tuition rates, which is the tuition that many colleges charge of online students. Our list features the most affordable schools at the bottom and the less affordable colleges at the top. These schools show that students can enroll in any of the top 10 online master's in logistics and supply chain management programs and pay less than $20,000 a year.
Ranking Low-cost Online Supply Chain & Logistics Master's
Common Questions
What are the Top Career Options for Those with an Online Master's in Supply Chain and Logistics Degree?
There are a variety of career options open to students who successfully complete a supply chain management and logistics master's online. Those options include working as a business consultant or analyst. Analysts come in and analyze the available date to help business owners make changes to increase profits. Consultants handle some of the same tasks.
Some of the top programs include information technology courses that can prepare students for working in IT positions too. They can work in information technology management and manage the employees who use computers and software. Managers may manage the departments responsible for using that software to design new products or to put products together. Consultants can work in this field too. Companies may hire those with these degrees to work as database administrators and maintain databases also.
Graduates can also find work in purchasing fields. Many companies source raw materials from others and then put those supplies together into a finished product. Purchasing specialists are the ones who keep track of budgets and expenses. They look for ways to cut costs, which can include finding new suppliers. These professionals can also work in the wholesale field and find affordable products for others to sell.
Students can search for jobs in specific supply chain management roles too. Supply chain management looks at where raw materials come from, how companies use those materials to make other items, the ways in which companies transport products to customers and how stores get their products.
Read: Doctorates in Supply Chain and Logistics online
How Much Do Professionals Earn in This Field?
It's almost impossible to state exactly how much money someone working in this field can earn, but it's possible for professionals to earn well over $100,000 a year. Managers and administrators typically earn more because they have more duties they do on the job. The Bureau of Labor Statistics (BLS) puts the median wage of those working in logistics at more than $70,000 a year. These professionals look at the total lifespan of a product and manage the way the product moves through that lifespan. The BLS found that the median wage for purchasing agents is a little lower at around $64,000 a year.
What is the Outlook for This Field?
Students often focus too much on how much they can earn in the immediate future without giving thought to what can happen in the years to come. That is why it's so important that these students look at the career outlook for this field in the future. This gives them an idea of whether employers will have a continued need for these professionals or if they may need to make a career change later.
The outlook for this industry is fairly high, and some positions will increase at a faster than average rate. Students working in logistics and certain areas of supply chain management will find that the need for these professionals will increase by more than 10% in the coming years. Purchasing is one of the only fields that will drop in the future. The need for professionals in this field will decrease by around 3% in the coming years. As long as companies continue making and shipping products though, those companies will have a high need for qualified employees that include those with advanced degrees.
What are the Top Disciplines in Supply Chain and Logistics?
Disciplines within the supply chain management field include mapping and risk management. Mapping refers to the ways in which employees map out the ways that products move through this chain. It can start with the raw materials used to make those products or begin when those products leave the factory. Those working in risk management are the ones responsible for identifying any possible risks and weighing those risks against the possible rewards. Risk management professionals often run simulations to get an idea of how those problems could pop up and how those risks impact the bottom line.
Purchasing is another related discipline, which is why many of the top programs require that students take one or more purchasing classes. Purchasers are the ones who source and buy the products that employers need. Spending too much money on those products can reduce profits and even lead to a company filing for bankruptcy because it cannot make enough money to operate.
Students who prefer working with and around others may want to look at jobs in the customer support and acquisition industry. Customer relationship professionals are the ones who work with customers who have complaints to help them feel satisfied with their experiences. They might offer free products or a future discount on a purchase. Customer acquisition deals with finding and acquiring new customers. Those who work in customer support handle calls and emails from customers who have questions or complaints.
What are Some of the Costs Associated with Online Degrees?
Online master's in logistics and supply chain management students should look at some of the costs associated with earning their degrees because this goes beyond simply the tuition that the school charges. Some online programs charge a technology fee for using the online resources available to these students and other fees, but the cost of tuition for online students is often lower than the amount that traditional students pay. Students may need to pay for the textbooks used in their classes and for a computer and other supplies that they use to complete assignments.
What Financial Aid Options are Available for Online Students?
Even students attending a cheap online master's in supply chain management and logistics program will want to get some help paying for their expenses. The best and easiest way for students to find out if they can get financial aid is with the completion of the FAFSA. This is a free form that students can file online. Dependents will need to use their parents' information when filing, but independent students, including those over the age of 25 and married students, can use their own tax information. It looks at the cost of attending the school, the amount that the student or the family can contribute and then finds ways to cover the balance between the two.
Online graduate students usually only qualify for government loans, and these loans are only given to full-time students who take at least nine credits of courses in a semester. Those who drop to part-time level can lose their loans. Government loans are unsubsidized, which means that the loans gather interest while the student is in school. Graduate students can make payments while in school to lower the amount they owe when they graduate.
Other types of loans include both PLUS loans and alternative loans. PLUS loans come from the government and are only given to the parents and guardians of college students. Students can apply for alternative loans on their own or with a co-signer. These loans come from private lenders who base interest rates on the credit score and history of the applicant.
Some schools offer online programs designed for military students and provide those students with extra financial aid. The university may offer a lower tuition for those currently enlisted and those on active duty status, but some online schools provide military students with grants too. Those currently working in the field can ask about tuition reimbursement programs through their employers.
Do Students Need to Do a Residency?
Finding out whether a program has a residency requirement is important for any students who wants to enroll in a master's in supply chain management and logistics online that only takes place online. A residency component is a short program that asks students to spend some time studying on the campus. It may take place over a simple weekend or last for up to two full weeks. Many of these programs do not have a residency requirement, but some programs do give students the chance to gain more experience through a study abroad program or a similar program. Students can actually study and work in one or more foreign countries while in one of these online supply chain management programs.
Programs that do have a residency requirement offer some flexibility in terms of when students complete these requirements. Many schools offer students the chance to do a residency in either the spring or summer based on which session will work around their schedules. Online supply chain management and logistics master's programs may offer an orientation session too. This takes place over a long weekend before classes start and allows students to meet with their classmates and professors before beginning their studies.
