Most Affordable Online MBA Programs
MBA degrees can provide graduates with a competitive advantage, and affordable online MBA programs can help make this training more accessible.
Earning master of business administration (MBA) degrees can help graduates build professional networks, pursue leadership positions, and earn higher salaries. However, they can be pricey.
Affordable online MBA programs reduce costs by expanding school options, minimizing travel expenses, and offering in-state tuition for out-of-state learners. Furthermore, the best online MBA programs offer flexible asynchronous study options, access to innovative technologies, and more diverse and globalized classrooms.
This guide examines online MBAs, explores available career pathways, and ranks the most affordable online MBA programs.
Choosing an Online MBA Program
Prospective students need to weigh multiple factors when researching affordable online MBA programs. Below are a few things to consider when selecting a program.
- Availability of Specializations: Specializations allow learners to focus their training in niche areas of business management. Enrollees who develop specialized skills may have more employment opportunities and postgraduate certification options. Common concentrations include marketing, international management, finance, and consulting.
- Program Cost: Attending a university in your state is usually the most affordable option, but online learners should also check if other schools offer in-state tuition rates for out-of-state online learners. Earning a degree online can also mean saving on transportation and moving costs, though some programs also include technology fees.
- Transfer Policies: Generous transfer policies can help reduce tuition cost and program length. Though transferring credit between graduate programs is often more difficult than it is at the undergraduate level, some schools do accept these credits — typically three, six, or nine of them.
- School Size and Type: The size of a school often determines class sizes as well. Generally, private schools enroll fewer students than public schools, meaning smaller classes. With MBAs, students should weigh the benefits of more personalized learning experiences in smaller classes against the networking opportunities afforded by larger programs.
- Program Length: MBAs typically require 30 credits (or 60 quarter units), and enrollees typically take two years to graduate. However, accelerated programs can allow learners to progress through courses more quickly. While MBA students usually take one three-credit course per term, an accelerated program may allow learners to double up on their credits, graduating in a year.
- On-Campus Requirements: Hybrid MBA programs require students to attend some classes, workshops, or seminars in person. For students who cannot make the trip, these on-campus requirements may present too great an obstacle. For these students, the best online MBAs are the ones that require no campus visits.
Accreditation for Online MBA Degrees
Prospective students should always ensure that their online MBA program holds the proper regional and programmatic accreditation. Attending a school without regional accreditation may lead to issues with access to federal funding, certification eligibility, and employment qualifications.
For business schools, programmatic accreditation may come from one of three major institutions: the Association to Advance Collegiate Schools of Business (AACSB), the Accreditation Council for Business Schools and Programs (ACBSP), and the International Accreditation Council for Business Education (IACBE).
Online MBA Program Scholarships
While affordable online MBA programs provide learners with access to high-level business training, even at discounted rates, the cost of an MBA can still put the degree out of reach for many. In many cases, prospective students can pursue MBA scholarships to reduce the overall price of their education.
Degree-seekers can research scholarships through online scholarship databases, school and government websites, and local and national organizations. Scholarships may target students from specific locations, schools, or demographics.
What Can I Expect in Pursuing an MBA Online?
Affordable online MBA programs have different curricula and structures, which can alter the learning experience. Many programs offer courses entirely online, with some using asynchronous delivery while others run synchronous classes. Even in primarily asynchronous programs, students should expect some live collaboration elements, such as video meetings, live group projects, and enforced deadlines.
Choosing the right MBA program means finding the most suitable MBA specialization for your educational and professional goals. Concentrations allow learners to hone skills in a specific discipline, qualifying them for niche roles. The following information showcases some of the most popular MBA concentration options and some common courses within each focus.
| MBA Specialization | Typical Courses |
|---|---|
| Executive MBA |
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| MBA in Entrepreneurship |
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| MBA in Finance |
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| Master’s of Healthcare Management |
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| MBA in International Business |
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| MBA in Management Information Systems |
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| MBA in Project Management |
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| MBA in Sustainability |
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| MBA in Marketing |
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| MBA in Consulting |
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| MBA in Human Resource Management |
|
MBA Joint and Dual Degrees
In addition to pursuing specializations, MBA students can advance their skills in particular areas through joint programs and dual degrees. Many schools offer accelerated pathways for learners who wish to complete multiple degrees in complementary fields.
Compared to an MBA specialization, which helps students specialize their skills within business and management studies, dual and joint degrees offer more advanced and technical training in secondary disciplines. These degrees can work well for students looking to pursue careers in areas like law, healthcare, and technology.
Dual MBA Degree
A dual MBA degree allows students to earn two degrees through an accelerated pathway, often back to back. Learners usually complete both degrees at the same university, but work through different departments. The second degree often omits general education requirements, and some programs have specific curricula for dual-degree-seekers.
Examples
- MBA and JD
- MBA and MD
- MBA and Master of Public Policy
Joint MBA Degree
Joint MBA degrees offer condensed pathways to studying two disciplines, resulting in one degree with two majors. Joint degrees can occasionally occur through two different universities at the same time, especially when those universities are focused on specific disciplines.
Examples
- MBA and MA in International Studies
- MBA and MS in Biotechnology
- MBA and MS in Engineering Science
Career Paths With an MBA
MBA graduates can access some of the most promising careers in the business, finance, and management sectors. While MBA degree-holder salaries vary depending on location, employer, and career, the median annual salary for management professionals was $109,760 in 2020, per the Bureau of Labor Statistics (BLS).
When deciding an educational pathway, prospective MBA students should consider the best jobs for MBA graduates. Below are a few industries that value the skills and training developed by MBA graduates.
- Finance
- Entrepreneurship
- Business
- Technology
- Healthcare
- Consulting
- Marketing
- Media/entertainment
MBA Professional Organizations
American Management Association
AMA offers solutions and services for management professionals. Members can access educational programs, management development training, and a professional network for sharing and social learning opportunities.
Black Business and Professional Association
BBPA supports Black business professionals by providing them with access to career resources, higher education, and economic development opportunities. The association also rewards member excellence, promotes community equity, and offers several mentorship programs.
American Business Women’s Association
ABWA unites women working in business to help increase networking opportunities and promote their successes. The association offers members access to leadership training, educational opportunities, and career connections.
Prospanica
Founded in 1988, Prospanica seeks to empower Hispanic business professionals through professional development, education, and mentorship opportunities. The organization also offers educational funding, advocacy, and networking events and programs.
Reaching Out MBA
ROMBA supports and promotes the LGBTQIA+ business community. Members can access conferences, events, fellowship programs, and community networking opportunities.
Meet an MBA Graduate
Has getting an MBA been worth it?
Yes. Having the marketing undergrad perspective coupled with the communication graduate student perspective has yielded a fulfilling career in both areas of practice. I spent over a dozen years in nonprofit management, and marketing and communications are usually, if not always, lumped together.
What’s most important when selecting an MBA program? Program prestige, location, cost, or something else?
Importance is relative. It was important to me that the school be geographically convenient to where I may have gotten a job, manageable in terms of the loans I would take out, and where the coursework was interesting.
On the whole, it has to “feel” like a good fit to the degree-pursuer. If you are comfortable taking two years off to pursue a MBA full time, awesome. If you want to continue working in a full- or part-time capacity, then the school should be geographically convenient to your workplace. If you are concerned with cost, then a public institution may be better suited than a private one.
What do you think has been the biggest advantage to your career from completing your MBA?
There is a lot of competition in the job marketplace. I think that my MBA has been a source of differentiation and has made my resume stand out among others. I also think that the way I talk about the benefits of an MBA has been an advantage in this area — not the coursework, but the general “management” outcomes.
Laurie Ehrlich (preferred pronouns: she/her), founder and chief strategist of Elevate Marketing Strategy, is a 19-year marketing and communications veteran, touching the nonprofit, education, technology, financial, and publishing industries. Her expertise lies in multi-channel marketing strategy and planning, corporate communications, and digital media.
Ehrlich built the marketing department of a $60 million non profit from the ground up, constructed the social media presence of many organizations, led the design and development strategy process for more than a half-dozen websites, and established and grew content channels including blogs, podcasts, and whitepapers. She also led crisis communications and manages ongoing communications strategy during the COVID-19 pandemic.
Ehrlich received her MBA from Fordham University – Lincoln Center.
Frequently Asked Questions
Doug Wintemute is a Toronto-based freelance writer with professional writing interests in higher learning and entertainment. He completed his BA and MA in English at York University, graduating summa cum laude and earning academic merit, research, and writing awards at both levels. Since 2014, he has contributed content and editorial work for award-winning digital trade publications, global SEO copywriting projects, and hugely popular online brands. He can be contacted through LinkedIn.
