An MBA is a highly-respected degree that can help working professionals advance their careers and increase their salaries. While MBA programs can easily exceed six figures, we’ve rounded up some of the best programs on a budget, with an average cost of around $23,000. And based on data from the Bureau of Labor Statistics (BLS), you could see a return on your investment quickly, with many MBA jobs exceeding the median salary by thousands of dollars. No matter your career goals, you can find a program on this list that fits your budget and objectives.
Many online MBA programs offer specializations such as IT, healthcare management, cybersecurity, and HR management. MBA graduates can also use their knowledge to develop a business plan, secure funding, and start their own venture. If you're considering the MBA path, this guide covers important information including common concentrations, prospective careers, and earning potential.
Explore Programs From Boston University
Most Affordable Online MBA Programs of 2021
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University of NevadaLocation
Reno, NV
Tuition$$24,020
School Type PublicThe online MBA (EMBA) program at the University of Nevada-Reno is 12 courses meant to be taken over a two-year period. The program is divided into three semesters: fall, spring, and summer. This program is one of the top in the country and has a price tag of $30,000. To be eligible, students must hold a bachelor's degree from an accredited four-year institution, have an undergraduate GPA of at least 2.75, and have five or more years of professional work experience after their undergraduate studies.
Program Website: https://www.unr.edu/business/degree-programs/business-administration/emba
- Graduation rate: 61%
- Program length: 2 years
- Credits: 21 credits
- Admissions requirements: Bachelor’s degree, 2.75 GPA, five years of work experience
- Program Website
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Arkansas State UniversityLocation
Jonesboro, AR
Tuition$$12,883
School Type PublicArkansas State University offers an online MBA to provide a flexible education for students with a variety of professional and academic backgrounds. This program is intended for students looking for a concentration in Supply Chain Management or Finance. To be eligible for this program, students must meet one of several combinations of GPA and either GMAT or GRE score. The program costs $610 per credit, or a total of about $20,130.
Program Website: https://www.astate.edu/business/onlinemba/
- Graduation rate: 53%
- Program length: 2 years
- Credits: 33 credit hours
- Admissions requirements: 2.75 GPA, GMAT or GRE scores
- Program Website
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Kennesaw State UniversityLocation
Kennesaw, GA
Tuition$$17,690
School Type PublicKennesaw State University’s online MBA program is ranked among the best in the world. It’s a part-time program designed for working professionals. There are no set class times, and it’s 100% online. The average time to complete the program is about 20 months, with application deadlines in the spring, summer, and fall. To be eligible for the program, students must hold a bachelor’s degree in any field and have at at least two years of professional work experience. In many cases, the GMAT and GRE aren’t required. The cost of the program is $24,470 and there are scholarships available.
- Graduation rate: 46%
- Program length: 20 months
- Credits: 30 credit hours
- Admissions requirements: Bachelor’s degree, work experience, GRE or GMAT scores
- Program Website
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University of North TexasLocation
Denton, TX
Tuition$$20,906
School Type PublicThe University of North Texas allows students to earn an accelerated online MBA with a specialization in just 14 months. This 36-hour program offers flexible class schedules with 8-hour schedules in the fall and spring and a 5-hour schedule in the summer. Students can choose to study either marketing, marketing analytics, organizational behavior and human resource management, sports entertainment management, strategic management, supply chain analytics, or supply chain management. The program cost is about $17,100 for out-of-state students.
Program Website: https://online.unt.edu/online-mba
- Graduation rate: 56%
- Program length: 14 months
- Credits: 36 hours
- Admissions requirements: Bachelor’s degree, 3.0 GPA or GRE or GMAT scores
- Program Website
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Georgia College and State UniversityLocation
Milledgeville, GA
Tuition$$28,704
School Type PublicGeorgia’s WebMBA program offers an accelerated MBA program with a completing time of 20 months. This program is designed for working professionals and offers flexibility. Eligibility for this program is based on performance at an undergraduate institution and a GMAT or GRE score. In some cases, students may have the GMAT or GRE requirement waived. This program has a price tag of $23,000.
Program Website: https://www.gcsu.edu/business/georgiawebmba
- Graduation rate: 64%
- Program length: 20 months
- Credits: 30 credit hours
- Admissions requirements: Bachelor’s degree, GMAT or GRE scores
- Program Website
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Oklahoma State UniversityLocation
Stillwater, OK
Tuition$$24,539
School Type PublicOklahoma State University’s online MBA program is designed for full-time working professionals who want maximum flexibility while still getting the same level of academic excellence and engagement is a traditional MBA program. As a fully online program, OSU allows students to choose their own hours and watch the online videos anytime. The program is 33 credits and can be completed in as little as 12 months. Students must have a four-year bachelor’s degree, a competitive GMAT or GRE score, and three professional letters of recommendation. The cost of the program is about $19,818 for non-resident students.
Program Website: https://osuonline.okstate.edu/programs/graduate/business-administration-master-mba.html
- Graduation rate: 65%
- Program length: 1 year
- Credits: 33 credits
- Admissions requirements: Bachelor’s degree, GMAT or GRE score
- Program Website
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University of MississippiLocation
University, MS
Tuition$$25,100
School Type PublicThe MBA program at Ole Miss is considered one of the top ten in the nation. It’s 100% online, giving ultimate flexibility for working professionals. The program is four semesters and two summer sessions, for a total of 36 credit hours. To be eligible for the program, students must have a bachelor’s degree with a GPA of at least 3.0. They also must have GMAT or GRE test scores that are no more than five years old. The cost of the program is $32,202.
Program Website: https://www.online.olemiss.edu/mba/index.html
- Graduation rate: 66%
- Program length: 2 years
- Credits: 36 credit hours
- Admissions requirements: Bachelor’s degree, 3.0 GPA, GMAT or GRE scores
- Program Website
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Mississippi State UniversityLocation
Mississippi State, MS
Tuition$$23,950
School Type PublicOne of the top 20 programs for active military personnel and veterans, the master of business administration program online at Mississippi State University lets students earn their degrees from anywhere in the world. Like other online affordable MBA programs, the curriculum at Mississippi State includes foundational, core, and elective courses. The program offers one concentration option: project management. Prospective students can review detailed course syllabi on the Mississippi State website. Applicants apply for the fall, spring, or summer semester. All applicants must submit GMAT or GRE scores. Online students benefit from in-state tuition and access to university scholarships. The university accepts up to six transfer credits.
- Graduation rate: 61%
- Program length: 2 years
- Credits: 30 credit hours
- Admissions requirements: Bachelor’s degree, GMAT or GRE scores
- Program Website
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University of North DakotaLocation
Grand Forks, ND
Tuition$$14,546
School Type PublicThe University of North Dakota’s online MBA program focuses on executive management, financial and economic analysis, business analytics, and strategy. The program is 34 credits and takes about 1.5 years to complete. The program cost is about $18,391.
Program Website: https://und.edu/programs/business-administration-mba/index.html
- Graduation rate: 61%
- Program length: 1.5 years
- Credits: 34 credits
- Admissions requirements: Bachelor’s degree, 3.0 GPA, GMAT or GRE scores
- Program Website
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University of NebraskaLocation
Lincoln, NE
Tuition$$26,820
School Type PublicThe University of Nebraska online MBA program focuses on ROI — it’s a low-cost program with high post-graduation salaries. The program is designed for working professionals, and the fully-online courses are offered in 8-week sessions. Students can take multiple courses or just one at a time.
Program Website: https://business.unl.edu/mba/
- Graduation rate: 66%
- Program length: 3 years
- Credits: 48 credits
- Admissions requirements: Bachelor’s degree, 3.0 GPA, GMAT or GRE scores
- Program Website
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Georgia Southern UniversityLocation
Statesboro, GA
Tuition$$17,539
School Type PublicAt the online MBA at Georgia Southern University, full-time students earn their degrees in just 21 months. The synchronous, 30-credit curriculum emphasizes team-based learning. Before starting the program, all students participate in a two-day orientation on the Atlanta campus; Georgia Southern requires no other on-campus components. Course highlights include strategic marketing and global and international business. Georgia Southern does not offer concentrations. All students pay the same tuition; Georgia residents pay more for the online program than if they study on campus, while out-of-state students benefit from significant cost savings. Students without a business background take courses in accounting, finance, statistics, and economics before beginning this affordable online MBA program.
- Graduation rate: 50%
- Program length: 21 months
- Credits: 30 credits
- Admissions requirements: Bachelor’s degree
- Program Website
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University of WisconsinLocation
Eau Claire, WI
Tuition$$17,145
School Type PublicThe average student who enrolls in the MBA consortium at the University of Wisconsin has more than five years of work experience, making this program a perfect fit for prospective students wanting an affordable online MBA that accommodates their busy schedules. Students complete the 30-credit program in two-and-a-half to three-and-a-half years. Students who need foundation courses may take up to an additional 18 additional credits. Applicants must possess a minimum 2.75 undergraduate GPA; Wisconsin grants GMAT and GRE waivers to some applicants. New students start the program in the fall, spring, and summer semesters. Transfer students may apply up to nine credits toward their Wisconsin MBA degree.
- Graduation rate: 67%
- Program length: 3 years
- Credits: 30 credits
- Admissions requirements: Bachelor’s degree, 2.75 GPA, GMAT or GRE scores
- Program Website
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Ball State UniversityLocation
Muncie, IN
Tuition$$27,132
School Type PublicThe online master of business administration program at Ball State University boasts many advantages for working professionals. Students can study full or part time, begin the program at one of three points throughout the year, and select one of six concentrations. Students can further personalize their educations through earning a certificate in business essentials, health economics, policy, and administration, or professional sales management. The core curriculum stresses coursework in global strategic management. Students earn 30-51 credits depending on their prior educations. Students living near the Muncie campus may complete their degrees through a hybrid program. Indiana residents save approximately 33% on tuition compared to out-of-state students.
- Graduation rate: 67%
- Program length: 2 years
- Credits: 30-43 credits
- Admissions requirements: Bachelor’s degree, 2.75 GPA, GRE or GMAT scores
- Program Website
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Cleveland State UniversityLocation
Cleveland, OH
Tuition$$15,952
School Type PublicAACSB-accredited affordable online MBA programs rarely allow students to graduate in just one year. The online accelerated MBA at Cleveland State University does just that. Cleveland State uses a cohort model to ensure that students' online learning experience mirrors the on-campus experience. The 34-credit curriculum includes 11 seven-week courses over three semesters; to complete the program in one year, students take two courses during each seven-week term. The core curriculum involves courses found nowhere else: management of innovation and technology and product management. The program does not offer concentrations. All students pay the same tuition for their degrees, making this affordable online MBA an excellent choice for both in-state and out-of-state students.
- Graduation rate: 46%
- Program length: 1 year
- Credits: 34 credits
- Admissions requirements: Bachelor’s degree, GMAT or GRE scores
- Program Website
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University of Tennessee at MartinLocation
Martin, TN
Tuition$$15,788
School Type PublicAt the University of Tennessee - Martin, students can earn their degrees entirely online or through a hybrid program with some courses on the Martin campus. Typical full-time students take two courses in each six to eight-week term. This affordable online MBA does not include concentrations but boasts coursework in organizational theory and financial services. All applicants must possess at least two years of work experience. UT Martin grants GMAT and GRE waivers to applicants with advanced degrees or excellent undergraduate GPAs. New cohorts begin the synchronous curriculum in January and June. Students without a business background take foundation courses alongside those in the core curriculum.
- Graduation rate: 47%
- Program length: 1.5 years
- Credits: 30 credit hours
- Admissions requirements: Bachelor’s degree, GMAT or GRE scores, one year of work experience
- Program Website
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Indiana UniversityLocation
Bloomington, IN
Tuition$$37,600
School Type PublicStudents in MBA program at Indiana University have multiple avenues to personalize their educations. The 51-credit curriculum includes 12 credits wherein students earn a specialization in one of seven areas such as global supply chain management or information technology management. Indiana's affordable online MBA program includes 30-51 synchronous credits. Students can earn a dual degree by completing an additional 12 credits. Indiana's study abroad opportunities connect MBA students with business professionals in seven countries. The program automatically considers accepted students for merit scholarships. New students begin the program at four points throughout the year.
- Graduation rate: 79%
- Program length: 2-4 years
- Credits: 54 credits
- Admissions requirements: Bachelor’s degree, GMAT or GRE scores
- Program Website
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North Carolina State UniversityLocation
Raleigh, NC
Tuition$$29,220
School Type PublicWhether taking courses entirely online or through a hybrid program, students earning their professional online MBA from North Carolina State University benefit from an AACSB-accredited curriculum. Students select from an accelerated or part-time track; the program takes anywhere from 21 months to six years to complete. The accelerated track uses a synchronous curriculum; part-time students take courses asynchronously. Instead of concentrations, students select a custom-tailored depth area in a specific subject. New students begin the program in either the fall or spring semester after completing a three-day on-campus residency. Students repeat this residency one more time during the program. North Carolina charges the same tuition to in-state and out-of-state students.
- Graduation rate: 82%
- Program length: 21 months
- Credits: 40 credits
- Admissions requirements: Bachelor’s degree, GMAT or GRE scores
- Program Website
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Auburn UniversityLocation
Auburn, AL
Tuition$$31,956
School Type PublicStudents in Auburn University's master of business administration online program use the CANVAS eLearning program to view lectures, turn in assignments, and collaborate with peers. The 39-credit synchronous curriculum includes 13 courses, four of which students select as part of their personalized specialization. The wide selection of electives includes global financial markets, advanced real estate finance, and multinational financial management. Some students earn a dual major in information systems, industrial and systems engineering, or finance. Applicants who already possess terminal degrees do not submit GMAT or GRE scores. New students begin the program in the fall and spring semesters; Auburn holds optional on-campus orientations for online students.
- Graduation rate: 79%
- Program length: 31 months
- Credits: 39 credits
- Admissions requirements: Bachelor’s degree, GMAT or GRE scores, 2 years of work experience
- Program Website
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University of North CarolinaLocation
Chapel Hill, NC
Tuition$$36,159
School Type PublicThe MBA@UNC at the University of North Carolina stands out for its experienced student body; the average student possesses nearly 10 years of work experience. Also, approximately 25% of students already possess advanced degrees before beginning this affordable online MBA program. Full-time students, even those who work while earning their degrees, can complete the 66-credit program in just 18 months. Part-time students may take up to three years to graduate. The typical student spends no more than 10 hours per week completing coursework. Students select one of five concentrations that include entrepreneurship and marketing. North Carolina charges the same tuition to all students; the university works closely with companies who sponsor their employees' educations.
- Graduation rate: 91%
- Program length: 18 months
- Credits: 66 credits
- Admissions requirements: Bachelor’s degree, GMAT or GRE scores, work experience
- Program Website
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Arizona State UniversityLocation
Tempe, AZ
Tuition$$29,428
School Type PublicRanked as one of the top 10 affordable online MBA programs in the nation, the MBA program at Arizona State University boasts three dual degrees and four areas of emphasis. In the synchronous curriculum, students take two courses at a time in blocks that last seven-and-a-half weeks. Part-time students use a modified curriculum. Arizona State uses six admission rounds for its January and August start dates. All applicants submit GRE or GMAT scores regardless of academic achievement or professional experience. New students attend orientation on the Temple campus before beginning the program; Arizona State grants waivers to some students who cannot attend the on-campus orientation.
- Graduation rate: 63%
- Program length: 2 years
- Credits: N/A
- Admissions requirements: Bachelor's degree, GMAT or GRE scores
- Program Website
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SUNY College at OswegoLocation
Oswego, NY
Tuition$$18,561
School Type PublicOne of the best affordable online MBA programs in New York, the master of business administration program at Oswego State University of New York dedicates one-third of its 36-credit curriculum to degree customization. New students work with the departmental director to craft a personalized education plan. Students must maintain a minimum 3.0 GPA in all core courses to remain eligible for the MBA. For the four electives, students select from 19 courses that include employment law, brand experience management, and an MBA professional internship. The program concludes with a capstone course in management policy. Transfer students may apply up to six credits toward their degrees.
- Graduation rate: 67%
- Program length: 2 years
- Credits: 36 credit
- Admissions requirements: Bachelor’s degree, GMAT scores
- Program Website
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University of Texas at DallasLocation
Richardson, TX
Tuition$$38,970
School Type PublicThe UT Dallas professional MBA program at the University of Texas at Dallas includes two affordable online MBA programs: professional MBA (PMBA) flex and PMBA online. The PMBA flex program uses hybrid courses and attracts part-time students. PMBA online uses a 100% online curriculum and appeals to online students. Both programs include a cohort learning model with set meeting times, typically evenings Monday through Friday. UT Dallas offers all core courses each semester; concentration courses rotate throughout the year. The university accepts applications for the fall semester and grants GMAT and GRE waivers to some qualified applicants. Applicants must submit scores if they hope to receive a university-funded scholarship. In-state students save approximately 50% on their educations compared to out-of-state students.
- Graduation rate: 70%
- Program length: Two years
- Credits: 32 semester hours
- Admissions requirements: Bachelor’s degree, GMAT or GRE scores
- Program Website
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University of FloridaLocation
Gainesville, FL
Tuition$$28,659
School Type PublicWith 20 years of experience educating students online, the UF MBA online program at the University of Florida offers three unique online programs. The fully online MBA includes no on-campus components and accepts students with undergraduate degrees in business. The hybrid one-year program involves some on-campus coursework at Florida's Gainesville campus. The hybrid two-year program takes applicants who possess graduate degrees in a non-business-related field. These degree paths require 45-54 credits; students in each choose among four possible concentrations. Florida MBA students benefit from optional professional development opportunities: study abroad, guest lecturers, and networking events. No matter the number of credits, all students pay the same for their degrees.
- Graduation rate: 88%
- Program length: 2 years
- Credits: 45-54 credits
- Admissions requirements: Bachelor’s degree, GMAT or GRE scores
- Program Website
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Washington State UniversityLocation
Pullman, WA
Tuition$$27,113
School Type PublicThe highly ranked online MBA program at Washington State University offers ambitious students five degree pathways: marketing, finance, hospitality business management, international business, and general MBA. This 22-29-month affordable online MBA uses a synchronous core curriculum broken into four modules. Only when students complete foundation, strategic leadership, and functional business tools courses do they move on to their concentrations. All students develop and present a business plan during the capstone course. To further personalize their educations, some students travel to China and South Korea to meet with international business leaders. Washington plans to expand its study abroad offerings in late 2018. Qualified applicants do not submit standardized test scores. All online students pay the same credit-based tuition.
- Graduation rate: 60%
- Program length: 22-29 months
- Credits: 36 credits
- Admissions requirements: Bachelor’s degree, GMAT or GRE scores
- Program Website
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George Mason UniversityLocation
Fairfax, VA
Tuition$$37,410
School Type PublicThe master of business administration program at George Mason University emphasizes four concentration areas such as analytical decision making and contemporary issues in business. The 48-credit asynchronous curriculum includes courses in operations management, managerial finance, and financial reporting. Students who earn a graduate certificate in business analytics take additional courses. For an extra fee, students can complete a global residency that involves completing a team project in a foreign country. The typical student graduates in three years or less. George Mason grants standardized test waivers in very few cases and requires a 500-word essay from waiver applicants. All students pay the same credit-based tuition. The university awards merit scholarships to qualified students.
- Graduation rate: 71%
- Program length: 3 years
- Credits: 48 credits
- Admissions requirements: Bachelor’s degree, 3.0 GPA, GRE/GMAT scores
- Program Website
Our Methodology, Explained
Metric | Data Used | Percentage |
Academic Quality | Full-time faculty percentage, student-to-faculty ratio, student retention and graduation rates | 20% |
Affordability | Tuition rates, median student debt, and financial aid | 40% |
Reputation | Admission and enrollment rates | 15% |
Program Offerings | Number of program options | 15% |
Online Enrollment Score | Portion of learners taking at least one online course | 10% |
How Long Does It Take to Get an MBA?
Traditional MBA programs usually take about two years to complete. Many schools also offer an accelerated MBA program, where students can receive their MBA in just one year. On the other hand, students looking to work toward their MBA part-time may expect to take longer.
Can I Get an MBA Online?
Yes. Many colleges offer online MBA programs that provide flexibility without sacrificing rigor. Some programs run fully asynchronously while some require supplemental in-person attendance, such as immersive weekends.
How Much Does it Cost to Get an MBA Online?
The cost of an MBA depends on several factors, including in-state or out-of-state residency, college attended, courses waived, and program length.
Students may be able to get an MBA for free by applying for scholarships or working for a company that offers tuition assistance. Additionally, there are online programs that offer tuition-free MBA programs.
What Is the Cheapest Online MBA Program?
With a price tag of less than $15,000, the cheapest online MBA program on our list is Mississippi State University. One of the things that keeps costs low is that all online students are eligible for in-state tuition, regardless of where you live.
How Much Can an MBA Increase My Salary?
February 2021 PayScale data notes an average $89,545 annual salary for MBA-holders. This figure significantly exceeds the BLS' $69,820 median annual wage for business professionals with just a bachelor's degree.
How Are Online MBA Programs Accredited?
Accreditation is a process of determining the legitimacy of an educational program and ensuring it meets certain quality standards. In the United States, colleges and universities aren’t accredited by the government, and there’s no central organization that accredits schools. Online MBA programs are often accredited by the same national and regional agencies that accredit traditional in-person MBA programs, including the Accreditation Council for Business Schools and Programs (ACBSP) and the Association to Advance Collegiate Schools of Business (AACSB).
What Are the Goals of an MBA Degree?
Students pursuing an MBA learn how to perform key operational tasks such as accounting, finance, and marketing. MBA curriculum teaches enrollees how to make informed managerial decisions and develop new products and services. Graduates know how to develop strategies that make their organization competitive in a global environment.
Many online MBA programs offer specializations such as IT, healthcare management, cybersecurity, and HR management. MBA graduates can also use their knowledge to develop a business plan, secure funding, and start their own venture. Learners can enroll in an online MBA program full time or part time.
What Are the Requirements for an MBA Degree?
MBA programs require a bachelor's degree in business or another major. Applicants typically submit school transcripts, a resume, and GMAT or GRE scores. Some schools offer standardized test waivers for applicants who meet certain requirements, such as GPA or work experience. Once accepted into an MBA program, learners complete 36-60 credits. Students without a business background may still earn an MBA once they complete leveling coursework and other requirements.
Many business schools require students to complete MBA programs in cohorts. This allows enrollees to collaborate as a team even though they study from a distance. Asynchronous learning, which does not require real-time sessions, and synchronous evening formats add flexibility so students can continue careers.
Choosing the Best Type of Online MBA Program
There are two primary MBA types to consider: a traditional two-year MBA program and an accelerated one-year MBA program. It’s important to consider the time commitment of receiving an MBA. MBA programs often require 36 credits and take roughly two years to complete. However, many students may be able to finish a program in as little as one year or attend school part-time and get their degree in two years.
In addition to the total time frame, it’s important to consider the program’s time commitment. Some programs are self-paced, while others require certain class hours as if you were attending in person. Since many MBA students are already in the workforce, this flexibility is essential.
An MBA (Masters of Business Administration) is a highly-respected degree for those in the fields of business and management. This type of degree covers a broad spectrum of topics, including accounting, economics, statistics, and management. An online MBA program is a way of receiving the same degree, but with more flexibility and a more affordable price tag.
There’s a lot to consider when choosing the right affordable online MBA program for you. Each program comes with its own unique features, including cost, the number of credits, accreditation, and expected completion time.
Explore these promoted online degree programs.
These top, accredited schools offer a variety of online graduate degree programs. Figuring out where to apply? Consider one of these online Master’s or PhD programs.
Concentrations in an MBA
Though an MBA is a specific type of master’s degree, particular concentrations can help you specialize even more. Depending on the type of career you plan to enter into, there are a handful of concentrations you might consider.
Finance
An MBA in finance is designed to help prepare students for jobs in the financial industry. This MBA concentration helps students whether they’re planning to enter the public or private sector. A finance MBA can focus on both the individual and institutional level, meaning students can go onto work for a government or hedge fund or manage finances for individuals.
Project management
Project management is the process of leading a team to achieve a particular goal or complete a particular project. A project management MBA program can help students learn all of the skills necessary for this type of role, including problem-solving, analytics, communication, leadership, and more.
Marketing
Marketing is one of the most popular MBA concentrations because every company has to engage in some form of marketing. A marketing MBA can help teach students necessary skills like market research, advertising, psychology, analytics, and pricing strategies. Those with an MBA in marketing often go onto work as marketing executives for major firms.
Entrepreneurship
Some people seek out an MBA to establish their own business. An entrepreneurship concentration can provide students a wide range of business practices, including crafting business plans, getting financing, and managing employees.
Career and Salary Outlook for MBA Graduates
One of the biggest reasons many people seek an MBA is the real-world experience they can attain. Another motivator is the potential for a higher salary. According to data from the Bureau of Labor Statistics, the median annual wage of someone with an MBA is $76,180, while the median salary for someone with a bachelor’s is $75,440. While there’s no substantial difference, MBA seekers tend to seek higher-paying jobs as marketing managers, business managers, and analysts. In fact, a recent survey found that companies plan to offer MBA new hires a starting salary of roughly $115,000 — nearly $40,000 higher than the median salary for someone with a master’s degree.
The unique skills that come with MBA holders are particularly attractive to employers. Those with an MBA have a versatile skill set that includes strategic thinking and strong communication, contributing significantly to a business’s success.
Here are some of the top jobs for someone with a master’s in business administration:
Career | Median Annual Salary |
---|---|
Computer and Information Systems Manager | $146,360 |
Medical and Health Services Manager | $100,980 |
Marketing Manager | $135,900 |
Financial Analyst | $81,590 |
Benefits Manager | $122,270 |
Operations Manager | $123,460 |
Human Resources Manager | $116,720 |
Source: BLS
What is the return of investment in an MBA degree?
Before beginning an MBA program, it’s important to consider what your ROI — return on investment — will be. In general, it’s wise to make sure such an expensive degree will pay off in the form of better job opportunities and a higher salary.
The cost of MBA programs can vary widely, with programs ranging from less than $15,000 to well over $100,000. Similarly, salaries for MBA jobs can be very different. Plenty of jobs have median salaries well over six-figures, while others may not even exceed the median salary for a bachelor’s degree.
To determine the potential ROI for your MBA, carefully consider the program you hope to attend and the average salary for your desired career. Ask yourself, “what will be my starting salary, compared to tuition cost?”
Suppose you wanted to get an MBA from the University of Nevada, with a tuition of $30,000, and get a job as a financial manager, which has a median salary of about $130,000. That’s a pretty solid ROI. But if you attended a program that cost $120,000 to get into a career that pays $70,000, it may not be worth it.
Scholarships for MBA Students
Scholarships and fellowships provide MBA students with funding to help pay for tuition. Organizations award funding based on academic achievement, financial need, or a desire to help underserved populations such as women or minorities. The list below features two opportunities for MBA students.
Goldman Sachs MBA Fellowship
Who Can Apply: Goldman Sachs awards this fellowship to academically gifted first-year MBA students. Women, Latino/a, Black, or Native American students qualify. Students complete an application for a summer associate internship in a major city such as New York, Boston, or Chicago. In addition to a fellowship award, recipients get a salary and signing bonus.
Amount: $35,000 award and $40,000 summer associate salary
Mary Elizabeth Lockwood Beneventi MBA Scholarship
Who Can Apply: Daughters of the American Revolution administers this scholarship to full-time MBA students attending an accredited college. Applicants need a minimum 3.25 GPA. They must submit an application that includes transcripts, a personal statement, recommendations, and evidence of U.S. citizenship.
Amount: $2,000
Grants and Financial Aid for MBA Students
There are many ways to make an MBA program more affordable beyond just choosing a low-cost program. Common methods of financing an MBA degree include:
- Student loans: Both federal and private student loans can help students finance the cost of an MBA. Federal subsidized loans are often the best option, as they don’t accrue interest while a student is in school.
- Financial aid: In addition to student loans, there are other federal programs to help individuals pay for college, especially when they have a low income.
- Employer assistance: Many employers help people cover the cost of an MBA or another graduate degree since these also benefit the company. It’s important to note that there are likely to be strict requirements, such as a commitment to stay with the company for a particular number of years.
Why Should I Get an MBA Degree?
Employers recognize the MBA as a significant accomplishment that testifies to the holder's advanced business knowledge and skills. Wondering whether an MBA is right for you? Here are five benefits of pursuing this type of degree.
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Erin Gobler
CONTRIBUTING WRITER
Erin Gobler is a contributing writer who covers higher education, online graduate programs, college planning, and more for Grad School Hub. Her writing has also appeared in The Simple Dollar, Robinhood, and The Balance.
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