Last Updated: December 7, 2020
An MBA delivers the business savvy needed to successfully manage an organization. With demand for business managers on the rise, MBA students can look forward to pursuing well-paid managerial positions after graduation. The Bureau of Labor Statistics (BLS) reports a median annual wage of $116,720 for human resource managers and $126,640 for sales managers.
Earning an MBA involves a significant investment, but affordable options exist. Many affordable online MBA programs offer a first-rate education culminating in a venerable, in-demand MBA degree.
The rankings below provide detailed information about the most affordable online MBA programs. This page also offers insights into the benefits of getting an affordable online MBA, typical jobs graduates from an affordable MBA program can expect, and how to choose the right affordable online MBA program.
Top 10 Cheapest Online MBA Programs
| Rank | School | Location |
|---|---|---|
| 1 | Texas A&M University-Kingsville | Kingsville, TX |
| 2 | Angelo State University | San Angelo, TX |
| 3 | Fayetteville State University | Fayetteville, NC |
| 4 | Augusta University | Augusta, GA |
| 5 | University of North Carolina at Pembroke | Pembroke, NC |
| 6 | Tarleton State University | Stephenville, TX |
| 7 | Texas A&M University-Central Texas | Killeen, TX |
| 8 | Georgia Southwestern State University | Americus, GA |
| 9 | Louisiana Tech University | Ruston, LA |
| 10 | West Texas A&M University | Canyon, TX |
Why Get an Affordable MBA?
The path to an MBA involves substantial financial outlay. However, aspiring business managers can attend an affordable yet reputable MBA program.
An affordable online MBA program promises a better return on investment (ROI) and a good chance of graduating without heavy student debt. An MBA can serve as a stepping stone to a high-level managerial position with a comfortable salary.
The list below provides additional insight into some of the benefits of earning a degree from an affordable online MBA program.
- Same Job for Less Money: Despite the lower cost of affordable online MBA programs, graduates often successfully compete for the same jobs as peers from higher-cost schools. Provided that the affordable program satisfies certain marks of excellence (e.g., reputation and accreditation), degree-seekers can expect similar job opportunities.
- Faster ROI: Many MBA students graduate from an expensive program deeply in debt, requiring them to work in top-level positions for several years before they begin to see a positive ROI. Opting for an MBA from an affordable program is a sensible investment that may pay off earlier in your career.
- Lower Opportunity Costs: If unexpected changes crop up, an affordable online MBA program reduces the opportunity costs of shifting directions or halting studies mid-course.
Most Affordable Online MBA Programs
#1 Texas A&M University-Kingsville — Kingsville, Texas
The College of Business Administration at Texas A&M University-Kingsville features an affordable online Master's of Business Administration. This 100% online program offers certificates in Energy Finance and Logistics, Health Service Administration, and Managing People in the Global Enterprise. Qualified students with the proper academic background can complete all requirements for this degree in as few as 12 months. This 30-credit hour program is priced at $538 per three-credit course making the total cost of tuition an incredibly low $5,380. The College of Business Administration receives its business accreditation through the Accreditation Council for Business Schools and Programs. Core courses for this program include Economics and Managerial Decision Making, Information Systems and Business Analytics, Accounting and Value Creation, Marketing Management and Value Creation, Leading a Substantial Organization, Financial Management and Sustainability, and Strategic Management. Applicants for this program are encouraged to submit proof of an undergraduate degree from an accredited college of university, completion of the MBA program content prerequisites, and an acceptable GMAT or GRE score. A GMAT waiver is available for undergraduate students of Texas A&M University-Kingsville who graduated with a minimum GPA of 3.5 or who hold an advanced degree from a regionally accredited college or university.
Texas A&M University-Kingsville is a four-year public institution of higher learning which currently offers degrees at the undergraduate, graduate, and doctoral levels to the 9,278 students currently enrolled there. Receiving its regional accreditation through the Southern Association of Colleges and Schools, Commission on Colleges, the university is South Texas' oldest university. Established in 1925, Texas A&M University-Kingsville was originally named South Texas Normal School and was founded with the intent to train educators for careers as public-school teachers. Home of the Javelinas, the school's official colors are blue and gold.
Estimated Program Tuition: $5,380
#2 Angelo State University — San Angelo, Texas
An affordable online Master's of Business Administration is offered at Angelo State University's College of Business. The School of Business has designed this program to offer students "a broad perspective and is designed to develop and enhance the knowledge valuable to executives, administrators and managers. The educational emphasis of the program is on organizational decision-making. The program is appropriate for those pursuing or seeking a career at the executive level in either public or private organizations." With three start times each year, candidates for this program are encouraged to submit GMAT or GRE scores, all college and university transcripts, and a resume into the admissions office in order to begin the acceptance process. There is no essay requirement and the GRE/GMAT will be waived for students with 2.5 to three years of professional experience or a GPA of 3.0 during the past 60 hours of an undergraduate degree. This 30-credit hour program is priced at $214 per credit hour making the total cost of tuition a remarkable $6,426. Core courses for this program include Advanced Management Accounting, Managerial Economics, Financial Management, Management Information Systems, Legal and Social Environment of Business, Advanced Data Analytics, Organization Behavior and Leadership, and Marketing Management.
Located in San Angelo, Texas, Angelo State University is a four-year, public institution of higher learning which receives its regional accreditation through the Southern Association of Colleges and Schools, Commission on Colleges. Founded in 1928 as San Angelo College, the school built its first building on its present site in 1947. The school joined the Texas State University System in 1975. Today, the university delivers degrees at the undergraduate, graduate, and doctoral levels to the 9,581 students currently enrolled there. The men's and women's varsity sports teams, known as the Rams, compete at the NCAA Division II level as members of the Lone Star Conference. The university's official colors are blue and gold.
Estimated Program Tuition: $6,426
#3 Fayetteville State University — Fayetteville, North Carolina
The College of Business and Economics at Fayetteville State University offers an affordable online Master's of Business Administration. Priced at $183 per credit hour, this 36-credit hour program has a total tuition rate of just $6,591. This high-powered program offers concentration choices of Business, Entrepreneurship, Finance, Healthcare Management, International Business, Management, Marketing, and Project Management. Receiving its exemplary business accreditation through the Association to Advance Collegiate Schools of Business, the College of Business and Economics requires applicants to have completed an undergraduate degree from an accredited college or university, have maintained an undergraduate GPA of at least 2.75 or graduate GPA of 3.0, and produce a minimum GMAT score of 400. Students with an undergraduate GPA of 3.6 or higher, those with at least 10 years of progressive professional experience, those serving in the US military, those with an accredited graduate degree, or those with more than nine hours in an AACSB-accredited graduate program with a 3.0 GPA may waive the GMAT requirement. This 36-credit hour program features courses like Managerial Accounting, Business and Society, Managerial Economics, Financial Management, Modern Marketing, Data Analytics, and Business Analytics. The College of Business and Economics has recently been recognized by U.S. News and World report as offering the 72nd best online MBA in the nation.
Home of the Broncos, Fayetteville State University is a four-year, public institution of higher learning with a campus located in Fayetteville, North Carolina. While the official school colors are blue and white, the school's motto is "Deeds not Words." Established in 1867 Howard School, ten years later the school would be renamed the State Colored Normal School as the country's first state-sponsored training school of African-American teachers in the South. Today, there are 6,223 students who attend Fayetteville State whether through online courses or on campus. Receiving its accreditation through the Southern Association of Colleges and Schools, Commission on Colleges, the school awards degrees at the undergraduate, graduate, and doctoral levels. The sports teams at the university compete at the NCAA Division II level as members of the Central Intercollegiate Athletic Association.
Estimated Program Tuition: $6,591
#4 Augusta University — Augusta, Georgia
An affordable online Master's of Business Administration is offered at Augusta University's James M. Hull College of Business. The 100% online Hull MBA has recently been redesigned and equips students "with the skills, experience and professional network needed to advance in today's highly competitive, dynamic work environment." This 30-credit hour program is priced at $222 per tree-credit course making the total cost of tuition an affordable $6,660. Receiving its excellent business accreditation through the Association to Advance Collegiate Schools of Business, the James M. Hull College of Business allows students to complete all coursework in as few as 12 months or take two years to do so depending on the student's professional and personal needs. Formats for this program include evening on campus classes, weekend on campus, emersion, and hybrid or 100% online. Students interested in this degree are encouraged to submit an online application with corresponding $50 non-refundable application fee, provide official transcripts for all colleges and universities previously attended, submit three references, and send GRE or MAT score directly to the Office of Academic Admissions by the Educational Testing Service. Required courses within this program include Accounting Systems for Managerial Control, National & International Economics for managers, Managerial Finance, Organizational Behavior, Managerial Leadership, Strategic Management, Management of informational Technology, and Business Analytics for Managers.
Based in Augusta, Georgia, Augusta University is a four-year, public institution of higher learning founded in 1828 as the Georgia Health Science University. Today Augusta's main campus is sprawled among 200 acres and features an additional four local campuses. Augusta University receives its regional accreditation through the Southern Association of Colleges and Schools, Commission on Colleges and features a student body of 7,938. Home of the Jaguars, the men's and women's varsity sports teams at Augusta compete at the NCAA Division II level.
Estimated Program Tuition: $6,660
#5 University of North Carolina at Pembroke — Pembroke, North Carolina
The School of Business at the University of North Carolina at Pembroke offers an affordable online Master's of Business Administration. The School of Business has designed this program in business to help students "learn all major aspects of business, including accounting, finance, economics and marketing, while developing interpersonal and management skills. (The program) examines the nature of human behavior, organizational structures and processes, the impact of financial decisions, and the essential elements of international business." Candidates for this program are encouraged to submit a completed online application, a $45 non-refundable application fee, all official transcripts from previously attended colleges and universities, and have accrued a minimum cumulative GPA of 2.5 or 3.0 in all major courses or during senior year to the admissions office. Applicants with a 3.0GPA or better may be exempt from producing GMAT score for acceptance. This 36-credit hour program is priced at $187 per credit hour making the total cost of tuition a very affordable $6,741. Core courses for this program include International Business, Organizational Theory and Behavior, Marketing Planning and Strategy, Managerial Finance, Managerial Economics, Quantitative Methods, and Managerial Accounting.
Located in Pembroke, North Carolina, the University of North Carolina at Pembroke is a four-year, public institution of higher learning which receives its regional accreditation through the Southern Association of Colleges and Schools, Commission on Colleges. Founded in 1887 as the Croatan Normal School, the school original intent was to train American Indians in Robeson County for careers as public-school teachers. The school began with one instructor and 15 students. Today, the university delivers degrees at the undergraduate and graduate levels to the 6,268 students currently enrolled there. The 16 men's and women's varsity sports teams, known as the Braves, compete at the NCAA Division II level as members of the Peach Belt Conference. The university's official colors are black and gold.
Estimated Program Tuition: $6,741
#6 Tarleton State University — Stephenville, Texas
Tarleton State University's College of Business Administration offers an affordable online Master's of Business Administration. Priced at $233 per credit hour, this 30-credit hour program has a total tuition rate of just $7,013. This high-powered program has been designed to "develop students' leadership, decision-making, and critical-thinking abilities in the functional areas of business, such as management, marketing, finance, accounting, information systems, and business strategy." Receiving its exemplary business accreditation through the Accreditation Council for Business Schools and Programs, the College of Business Administration requires applicants to complete an Online Graduate Application, submit a $45 non-refundable processing fee, submit a 600-word essay explaining reasons for pursuing this program and future career goals, request all official transcripts from colleges and universities previously attended, and submit all GMAT/GRE/MAT scores to the College of Graduate Studies at Tarleton State. This 30-credit hour program features classes like Business Problems, Seminar in Business, Business Research Methods, Accounting Management, Managing Information Systems, Managerial Economics, Financial Management, and Marketing Management.
Home of the Texans and TexAnns, Tarleton State University is a four-year, public institution of higher learning with a campus located in Stephenville, Texas. While the official school colors are purple and white, the school's fight song is entitled "On Ye Tarleton." Established in 1899 as John Tarleton Agricultural College with an endowment from the school's namesake, the school became a member of the Texas A&M University system in 1917. The school achieved its university status in 1973 and thirty years later would grant its first doctoral degree. Today, there are 13,049 students who attend Tarleton State whether through online courses or on campus. Receiving its accreditation through the Southern Association of Colleges and Schools, Commission on Colleges, the school awards degrees at the associate, undergraduate, graduate, and doctoral levels. The sports teams at the university compete at the NCAA Division II level as members of the Lone Star Conference.
Estimated Program Tuition: $7,013
#7 Texas A&M University-Central Texas — Killeen, Texas
The College of Business Administration at Texas A&M University-Central Texas delivers an affordable online Master's of Business Administration. This 100% online MBA has been designed to "develop an individual's knowledge, leadership, decision making and critical thinking skills. Students are presented with opportunities to make decisions based on critical evaluation of real-life situations." This 36-credit hour program is priced at $210 per tree-credit course making the total cost of tuition an affordable $7,013. Receiving its exemplary business accreditation through the Accreditation Council for Business Schools and Programs, the College of Business Administration features concentration choices of Computer Information Systems, Human Resource Management, Management and Leadership, Healthcare Administration, International Business, and Marketing. Students interested in this degree are encouraged to submit a completed application for graduate admission by the noted deadlines, submit a 200-300-word essay explaining academic experience and career goals, remit a $30 application fee, submit all official transcripts showing the achievement of an undergraduate degree from an accredited college or university, and submit a GRE or GMAT score. Courses within this program include Accounting and Management, Managing Information Systems, Financial Management, Business Research Methods, Marketing Management, and Organizational Behavior.
Based in Killeen, Texas, Texas A&M University-Central Texas is a four-year, public institution of higher learning founded in 1999 as a branch of Tarleton State University. The university joined the Texas A&M University System as an independent member in 2009. The university is an upper-division college allowing students to complete their first two years of coursework at a two-year school before transferring to TAMU-CT and graduating with an undergraduate or graduate degree. Texas A&M University-Central Texas receives its regional accreditation through the Southern Association of Colleges and Schools, Commission on Colleges and features a student body of 2,619.
Estimated Program Tuition: $7,577
#8 Georgia Southwestern State University — Americus, Georgia
An affordable online Master's of Business Administration is featured at the School of Business Administration at Georgia Southwestern State University. The School of Business has designed this program in business to educate "students in a broad range of knowledge and skills including finance, ethics, international business, management, and marketing as a basis for careers as successful managers. Students achieve knowledge and skills for successful performance in a complex environment requiring intellectual ability to organize work, make and communicate sound decisions, and react successfully to unanticipated events." Candidates for this program are encouraged to submit the following items to the Office of Graduate Admissions: A Graduate application, $25 non-refundable application fee, official transcripts from all colleges and universities attended, three letters of recommendation, official test scores, and a Document of lawful Presence. A GMAT waiver can be requested if an undergraduate degree from an AACSB institution with 3.25 GPA has been acquired. This 30-credit hour program is priced at $257 per credit hour making the total cost of tuition a remarkable $7,710. Non-business undergraduates will need to take courses like Principles of Accounting I or Survey of Accounting, Business Statistics, Business Finance, and Principles of Management in order to move onto core courses in the degree.
Located in Americus, Georgia, Georgia Southwestern State University is a four-year, public institution of higher learning which receives its regional accreditation through the Southern Association of Colleges and Schools, Commission on Colleges. Founded in 1906 as the Third District Agricultural and Mechanical School, the school was granted a charter as a tow-year junior college 20 years later. In 1964 the school received its university status and conferred its first undergraduate degree four years later. Today, the university delivers degrees at the undergraduate and graduate levels to the 2,954 students currently enrolled there. The five men's and five women's varsity sports teams, known as the Hurricanes, compete at the NCAA Division II level as members of the Peach Belt Conference. The university's official colors are navy blue and gold.
Estimated Program Tuition: $7,710
#9 Louisiana Tech University — Ruston, Louisiana
Louisiana Tech University offers an affordable online Master's of Business Administration at its College of Business. Priced at $774 per three-credit course, this 30-credit hour program has a total tuition rate of just $7,740. This high-powered program prepares its students with the skills of being able to "critically evaluate, analyze and interpret information to solve problems and make business decisions, possess the necessary communication skills to be successful in managerial/leadership positions, understand the importance of ethics and corporate social responsibility in shaping business decisions, and develop an awareness and understanding of the issues that impact business operations in a global setting."Receiving its exemplary business accreditation through the Association to Advance Collegiate Schools of Business, the College of Business requires applicants to complete a Graduate Application form, submit a nonrefundable application fee, all official transcripts, and a weighted score between GPA and GMAT. The College of Business offers four start dates each year. This 30-credit hour program features classes like Accounting Analysis for Decision Making, Financial Management, Information Resource Management, Marketing Management, Contemporary Management Managerial Economics, Global Perspectives in Management, and a Capstone of Strategic Management. The College of Business has recently been recognized by U.S. News and World report as offering the 105th best online MBA in the nation.
Home of the Bulldogs and Lady Techsters, Louisiana Tech University is a four-year, public institution of higher learning with a campus located in Ruston, Louisiana. While the official school colors are red and blue, the school's mascots are Champ and Tech. Established in 1894 as Ruston College by Southern Baptist pastor, W.C. Friley, the first seven years of operation saw nearly 250 students enroll each year. Today, there are 12,672 students who attend La Tech whether through online courses or on campus. Receiving its accreditation through the Southern Association of Colleges and Schools, Commission on Colleges, the school awards degrees at the associate, undergraduate, graduate, and doctoral levels. The sports teams at the university compete at the NCAA Division I level as members of Conference USA.
Estimated Program Tuition: $7,740
#10 West Texas A&M University — Canyon, Texas
The College of Business at West Texas A&M University offers an affordable online Master's of Business Administration. This 100% online MBA has been recognized by many national ranking entities as one of the best values in online education. Although designed to be completed in two years, students taking coursework at an accelerated pace may finish all program requirements in a few as 12 to 18 months. This 31-credit hour program is priced at $749 per tree-credit course making the total cost of tuition an affordable $7,742. Receiving its exemplary business accreditation through the Association to Advance Collegiate Schools of Business, the College of Business has set the following criteria for acceptance into this program: completion of the Texas Common Application and the WTAMU Graduate School Application, submission of a $75 non-refundable application fee, official transcripts from all post-secondary colleges and universities, and GMAT/GRE test results. Full admission into this program is granted to students with a 3.0GPA, three letters of recommendation, a current resume, a statement of goals, and proficiency in foundation business courses. Concentration choices for this 100% online program include General Business, Computer Information Systems, Management, Marketing, and Healthcare Management. Courses for this degree include Accounting for Decision Making, Information Technology Management, and Strategic Management.
Operating under the official school motto of "Vision. Truth. Valor.," West Texas A&M University is a four-year, public institution of higher learning located in Canyon, Texas. Established in 1927 as a result of New Mexico legislature wanting to establish a normal school in the region construction for the school did not take place until 1910 as a training school for public school teachers, the original name of the college was West Texas Normal College. Famed artist Georgia O'Keefe was employed by the school from 1916 to 1918. The university joined the Texas A&M University System in 1990 and went through its final name change in 1993. WTAMU receives its regional accreditation through the Southern Association of Colleges and Schools, Commission on Colleges and offers degrees at the undergraduate, graduate, and doctoral levels to the 9,901 students currently enrolled there.
Estimated Program Tuition: $7,742
Jobs for MBA Graduates
One of the most versatile graduate degrees, an MBA can open the door to rewarding and challenging careers across virtually all occupations and industries. Many graduates work in hedge funds, private equity, or information technology (IT).
The BLS reports median salaries exceeding six figures for many managerial positions, including median earnings of $135,900 for marketing managers and $146,360 for computer systems managers. Factors such as type of employer, work experience, and employment location can substantially impact individual pay, however. The following list provides further insight into some popular MBA careers.
Sales Manager: Sales managers oversee an organization's sales team. Typical job duties include preparing budgets and approving expenditures; monitoring customer preferences to determine the focus of sales efforts; and developing customer acquisition plans through direct sales, cold calling, and business-to-business marketing.
Financial Manager: Financial managers prepare financial reports for decision-makers, make investment decisions, and develop long-term financial plans for organizations. Job duties include preparing quarterly reports for shareholders and monitoring financial transactions to ensure compliance. These professionals also analyze market trends with an eye toward maximizing profits and identifying expansion opportunities.
Advertising, Promotions, and Marketing Manager: Advertising, promotions, and marketing managers help generate customer interest in products or services. Job responsibilities include conducting market research, identifying new customer and market opportunities, and developing pricing strategies. They may also plan advertising campaigns for television, digital media, and billboards.
Computer and Information Systems Manager: Computer and information systems managers direct a company's computer-related activities. Typical job duties include analyzing computer needs, recommending upgrades, and directing hardware and software installation and maintenance. They may also research new technology to keep networks and electronic documents safe.
Human Resources Manager: Human resources managers direct companies' human resources departments. Job duties may include supervision of employee compliance with labor laws, managing recruiting, and handling layoffs. They may also advise other managers on human resources issues, such as equal employment opportunity, affirmative action, and sexual misconduct.
What To Expect From MBA Programs
MBA programs deliver advanced knowledge of business theory and practice. Popular concentrations include IT, healthcare administration, and human resource management. A typical MBA curriculum includes foundational, elective/concentration, and capstone or thesis courses. Classes explore topics like marketing, investment management, and business law.
A typical affordable online MBA program requires 60 credits and takes two years to complete. Some schools offer accelerated programs requiring students to take all 60 credits within one academic year. Other schools provide part-time programs, allowing learners to complete their degree in a few more years. Most affordable MBA programs take place online or in a hybrid format.
Degree costs vary by type of school, program format, and financing options. Standard admission requirements include a bachelor's degree and a minimum 3.0 GPA. Most MBA programs also require GRE/GMAT test scores, personal essays, and letters of recommendation.
The MBA Admission Process
To be considered for entry into an MBA program, prospective students must submit an online application. Typical application materials include a CV or resume, written essay, video essay, transcripts, letters of recommendation, GRE/GMAT scores, and a nonrefundable application fee. Some schools interview short-listed candidates.
At most schools, admission requires a bachelor's degree, a minimum 3.0 GPA, and satisfactory GRE/GMAT scores. Some programs may waive the GRE/GMAT requirement. Professional experience, a bachelor's in business administration, or prior coursework in business-related areas may increase the chance of acceptance.
Degree and Concentration Options
Before applying to an MBA program, prospective students may want to consider whether an alternative graduate degree — such as a master's in accounting or an online mini-MBA — presents a better choice for them.
A master's in accounting offers more specialized skills than a general MBA. An accounting degree appeals to learners who strive to land a position in accounting or finance, such as financial examiner, financial statement analyst, or financial manager.
An MBA and an online mini-MBA provide comparable business skills, but the mini-MBA lacks the scope and depth of the regular MBA. The mini-MBA suits seasoned professionals looking to move into a managerial position.
Despite the reduced cost of an affordable online MBA, most affordable online MBA programs offer an array of concentration options. Popular concentrations include:
- IT
- Corporate strategy
- Healthcare administration
- Human resources
- Entrepreneurship
- Business psychology
- Energy and sustainability studies
Whether to pursue a general MBA or a specialized MBA depends on your current and long-term career goals. In today's competitive job market, a specialized MBA can give graduates an edge over applicants with a general MBA. A general MBA provides versatile skills that easily transfer to other occupations and industries — a highly attractive feature during economic downturns.
Popular MBA Courses
Most MBA programs require core courses in marketing, management, and business law. Elective and concentration courses often include investment strategies, IT, and healthcare management. Many programs also require a capstone or a thesis, enabling students to apply theory to address a real-life business problem.
- Marketing and Consumer Behavior: In this course, students learn how to apply social science research techniques to analyze and predict consumer purchasing and decision-making patterns. Participants explore management problems in pricing, promotion, and advertising.
- Labor Law: This course provides an in-depth understanding of labor law, including hiring processes, employer best practices, and at-will employment. Topics include employment agreements, arbitration of employment disputes, workplace privacy, and social media.
- Principles of Management: This course introduces management theory and its application to real-world business problems. Learners apply management principles to practice, assess managerial practices in light of ethical norms, and determine effective ways to address moral dilemmas in global business contexts.
- Investment Management: This course covers basic concepts of investment management, such as capital markets, equity, and initial public offerings. Attendees also learn the analytical tools and skills needed to manage a portfolio and make rational decisions in a highly intense and stressful investment environment.
- Capstone Seminar: Most MBA programs culminate in a capstone seminar, which provides an opportunity to apply acquired skills to a real or simulated business problem. For example, a capstone project might focus on explaining dismal sales figures for high-end wearables like the Apple Watch. Students present the problems and proposed solutions in the form of a written paper, a poster, and/or oral presentation.
How Much Will an MBA Cost?
The cost of tuition for an affordable online MBA degree varies by school type (public or private), tuition category (in-state, out-of-state, or flat), and program format (online, on campus, or hybrid).
Many schools charge steep prices for MBA programs, with some of the most prestigious business schools charging more than $100,000 for tuition per academic year. Tuition is only one component of the total cost of a degree. To determine the true cost of an MBA, prospective students should also factor in room and board, health insurance, technology fees, textbooks, and loss of income while studying.
Few MBA students can easily fund expensive degrees out of pocket, so many learners prioritize affordable online MBA programs. Many affordable online MBA programs offer a top-notch graduate education and a well-regarded MBA.
Affordable online MBA programs charge only a few hundred dollars per credit, while some of the most expensive programs may cost thousands per credit. With a remote learning format, students can also save on living expenses, transportation, and parking. Exceptionally motivated learners may continue working full time while earning their MBA.
Aspiring MBAs may also cut costs by financing their degree through scholarships, student loans, fellowships, or grants.
Making Cheap Online MBA Programs Even Cheaper
Choosing an affordable MBA program and taking advantage of funding options are good first steps to cut costs. But students can save in other ways. The following list provides some ideas to help you make additional money-saving choices.
- Accelerated Track: An accelerated MBA degree could potentially cut costs, depending on whether the school charges yearly tuition, flat tuition, or per-course tuition. Motivated students choosing to attend a school that charges yearly tuition may save up to 50% by completing their MBA degree in one year rather than two.
- Summer Classes: Taking courses at cheaper universities during the summer may help learners cut costs, provided that their school allows them to transfer courses taken elsewhere.
- Distance Learning: Many schools offer a discount on their online-only programs. Online degrees can also help students cut costs on living expenses, transportation, and parking.
- Cheaper Course Materials: At many schools, attendees can save money by renting textbooks instead of purchasing them. If renting is not an option, Kindle editions typically sell at a reduced cost.
- Paid Internship: Some programs offer paid internships, which can help offset some of the cost of tuition. However, students should watch out for hidden costs of internships billed as regular courses or seminars.
Choosing the Right Affordable MBA Program
Choosing the right affordable online MBA program requires weighing a number of factors in addition to a school's ranking and prestige. The most important is regional accreditation from the respective regional accrediting commission. Only universities and colleges can earn this type of accreditation. Attending a university with regional accreditation increases the likelihood that students can transfer earned credits to other institutions.
A second type of accreditation is program/school-specific accreditation. The Association to Advance Collegiate Schools of Business (AACSB) sets the industry standard for business schools. Earning an MBA from a business school that carries the AACSB seal of approval signals to future employers that the school meets the highest professional standards.
A third factor to consider is the program's alumni network. Alumni credentials provide another way to gauge a program's quality. Most reputable schools host alumni events, even for distance learners. These events provide excellent opportunities for building professional relationships with successful alumni whose career goals align with your own.
Why You Should Get Your Degree Online
Aside from affordability, a cheap online MBA program provides convenience and flexibility. How much pliancy this type of degree offers depends on the instructional style.
Synchronous online learning delivers lectures, class discussions, and networking events in real time. Asynchronous learning allows enrollees to listen to pre-recorded lectures, contribute to online message boards, and complete assignments at their own pace, as long as they meet certain set deadlines.
As synchronous distance learning simulates on-campus learning, this format may appeal to students who thrive in face-to-face social settings. An asynchronous format requires no set login times, making this format particularly suitable for working professionals who aim to complete their degree while working full time. But aspiring MBAs should keep in mind that an asynchronous format requires a lot of willpower to avoid falling behind.
Frequently Asked Questions
How much does it cost to get an online MBA?
The cost of tuition for an MBA varies by school type, tuition rate, and program format. Tuition for affordable MBAs often costs around $300 per credit, while the most prestigious programs charge as much as $2,000 per credit.
Is an online MBA taken seriously?
Most employers take an online MBA from a reputable program seriously. Keep in mind that most schools don't label their online courses or degrees as "online" on student transcripts. Most employers will never know the MBA degree format unless it comes up during the job interview.
What can I do with an MBA?
An MBA can lead to a variety of lucrative and challenging careers across virtually all occupations and industries. Potential careers include sales manager, marketing manager, and human resource manager.
Is an MBA worth it?
An average MBA tends to yield a positive ROI within a few years of graduating. The Princeton Review reports that many graduates see an ROI of around 300% within 10 years of completing their MBA. An affordable online MBA degree may yield a positive ROI even faster.