Affordable Online MBA Programs

MBA students may be concerned about student loan debt and whether the degree leads to better jobs with higher salaries. Medical and health services managers typically earn a median annual salary of $100,000, according to the U.S. Bureau of Labor Statistics (BLS). An MBA programs can definitely improve career and income prospects in this regard.

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You don’t need to spend upwards of $200,000 on a traditional MBA program. A lot of students think they do, but don’t. By attending an affordable online MBA program (which may be combined with an in-person degree), candidates save money and gain the same valuable knowledge as other business school students.

We have compiled a list of some of the best online MBA programs to assist students in their search. Generally, an MBA program is considered to be “affordable” if it has low tuition, excellent financial aid resources, and/or cheap online options.

Most Affordable Online MBA Programs Methodology

Affordable Online MBA Programs

To make sure you choose an affordable master’s degree program without sacrificing quality, we have ranked the 10 most affordable online MBA degrees. We used College Navigator data to ensure these choices are accredited and accepted by employers. We also sourced data from other reliable online sources to make sure these 10 online MBA programs are both affordable and high valued.

15 Most Affordable Online MBA Programs Rankings

#1 Most Affordable Online MBA Programs

Founded in 1919, JBU serves over 2,600 students and offers graduate programs in business, education, counseling, and cybersecurity. In its motto, “Christ over all,” the church encapsulates an interdenominational Christian identity.

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#2 Most Affordable Online MBA Programs

Florida Tech was originally an engineering school, but today, it serves more than 6,400 students in a variety of academic fields. The school emphasizes technology and supports research into human-centered design, software evolution, and robotics.

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#3 Most Affordable Online MBA Programs

A private university with over 3,000 students, MSOE began as a training ground for engineers. The school’s curriculum still emphasizes STEM fields, and its business degrees emphasize a commitment to technology and engineering.

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#4 Most Affordable Online MBA Programs

During its more than 150-year history, WVU has developed an extensive academic network that now offers more than 350 academic programs. The university enrolls about 30,000 undergraduate and graduate students at its main campus in Morgantown, as well as satellite campuses and online.

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#5 Most Affordable Online MBA Programs

Cedarville University, an independent Baptist college located in Cedarville, Ohio, enrolls more than 4,000 students across 130 graduate and undergraduate programs. In its academic courses, the institution combines a biblical worldview with practical instruction.

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#6 Most Affordable Online MBA Programs

Located in Miami Gardens, Florida, STU is a private, nonprofit Roman Catholic school with more than 4,000 students enrolled in undergraduate, graduate, and professional academic programs. The school was established in Cuba in 1946 and moved to Florida in 1961.

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#7 Most Affordable Online MBA Programs

Walsh University was established in 1960 by the Brothers of Christian Instruction as a liberal arts college in the Catholic educational tradition. Almost 3,000 students are enrolled in 70 academic programs at the school.

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#8 Most Affordable Online MBA Programs

A private Catholic school near St. Louis, Missouri, Webster University was one of the first higher education institutions to support racial integration. Nearly 10,000 students from all over the world attend Webster.

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#9 Most Affordable Online MBA Programs

A private, nonsectarian school with nearly 5,000 students, HPU serves students from at least 65 countries. The institution has been recognized for its aqua research facility and for providing educational services to U.S. military bases in Hawaii.

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#10 Most Affordable Online MBA Programs

Bay Path is a private, nonsectarian university of more than 3,000 graduate and undergraduate students located in Longmeadow, Massachusetts. The college was founded as a co-educational institution, became a women-only college in 1945, and now serves all genders as a graduate level.

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#11 Most Affordable Online MBA Programs

NJIT was founded in 1881 with 88 students and is now serving over 11,500 students, 2,000 of whom study on campus. Institute faculty members have won many awards for innovation in technology and engineering, which have remained the school’s focus.

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#12 Most Affordable Online MBA Programs

Westminster College is a private, liberal arts college loosely affiliated with the Presbyterian Church, located in Salt Lake City, Utah. It was one of the first accredited junior colleges in the state when it was founded in 1875. Today, Westminster serves around 3,000 students.

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#13 Most Affordable Online MBA Programs

Rockville Center’s Molloy School educates students in the Dominican tradition of Catholic education. More than 5,000 degree-seekers pursue their academic interests in more than 50 academic programs at the undergraduate, graduate, and doctoral levels.

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#14 Most Affordable Online MBA Programs

Since 1919, Kettering has prepared engineers and other STEM and business professionals through hands-on training and academic experience. Located in Flint, Michigan, the school has 500 partnerships with local companies.

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#15 Most Affordable Online MBA Programs

Mercer University, Georgia’s oldest private university, was founded as a boys’ preparatory school in 1833. More than 8,700 students are enrolled in the institution’s 12 schools and colleges today. Mercer started as a Baptist school but now operates as a nonsectarian institution.

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Cost For Affordable Online MBA Programs

An affordable online MBA is a cost-efficient way to provide this education. Not only can you choose programs that fit your schedule, but you can also participate in the same courses as on-campus students, receiving the same degrees and credits. Understanding what an affordable online MBA really means will help you narrow down your choice of schools and make for a better decision in the long run.

Most affordable online MBA degrees take an average of two years to complete. This may be longer for students who have to divide their attention among school, work, and family, or for those who enroll part time. Some schools give their students more flexibility in this regard by allowing them to take courses anytime. Online education enables degree-seekers to study at their own pace without having to commit a large amount of time at any one time.

A minimum of 120 credits is required in most programs, while some schools may require as many as 150 credits to graduate students with an MBA. One credit represents one hour of class time a week for one semester. In addition to the number of credits, it is also crucial to look at the intensity of courses and electives included in the program.

Admission policies for schools can vary, but most require GMAT or GRE scores, academic transcripts, personal statements, and references, along with multiple years of relevant professional experience. In addition, the number of supported concentrations and specializations continues to increase, giving online MBA students even more study options than before. Also, check out our guide on scholarship for business majors and cost of a masters degree here.

Many online MBAs offer specializations, concentrations, or tracks that enable degree-seekers to zero in on their career objectives and many of the most affordable programs have these options as well. Specialized MBAs are useful in helping to identify the type of graduate degree program that will best fit within your niche. If you want to get an MBA but have specialized, niche job goals, these concentrations might be the option for you.

Business degrees offer students a well-rounded business and management education, but these programs often overlook specializations in individual fields. This is especially true for MBAs, as business schools collectively host dozens of different MBA specializations, but individual institutions typically offer about 5-8 options. Examples include common and traditional concentrations as well as innovative specialties reflecting emerging trends in modern commerce. Specialized MBAs provide business students with a specific set of skills or knowledge necessary to advance in their current organizations or related industries.

Traditional specializations include finance, international business, accounting, and supply chain management. More modern options examine technology management, big data and business analytics, and digital marketing, among others.

The specific courses included in each MBA program are determined by the school and degree’s orientation. Concentrated MBA programs, for example, cover specialized topics beyond the scope of a general MBA. Following are examples of courses that are commonly offered in general MBA programs:

Many MBA students find that they don’t have the opportunity to be challenged in a capstone project during their undergraduate degree programs. Capstone projects force students to synthesize critical concepts learned throughout the degree – providing a unique challenge for students looking to demonstrate mastery of the material they’ve learned.

The capstone or thesis project is an important milestone in the tenure of an MBA or a Master’s program. It usually examines focuses on the economy, finance, international business, health care, labor market, marketing, strategic management and/or global business issues.

Although both formats require extensive research and a thorough analysis of specific issues that professionals encounter in their careers, thesis projects usually apply theoretical concepts to an academic hypothesis and capstones maintain a more practical and pragmatic orientation. For example, capstones often ask students to formulate and articulate solutions to actual business problems and challenges.

Factors To Make MBA Programs More Affordable

Prospective MBA students can decrease program costs by taking into consideration the following factors based on their personal goals.

  • Required Travel: Whether you’re considering an on-campus learning environment or an online program, you may have to consider travel expenses. Some programs require participants to visit campus for orientation, immersion events, or residencies. Others offer remote opportunities; however, these do not provide the face-to-face time with staff and peers that in-person programs provide. In both instances, degree-seekers should weigh travel costs against the potential gains.
  • Class Size: Smaller classes can offer more personalized attention and direct access to faculty, though programs with low student-to-faculty ratios tend to be more expensive. Candidates should determine their own learning style and whether they thrive in larger classes.
  • Institutional Prestige: People with degrees from prestigious institutions are more likely to get high-paying jobs. But those educational investments come at a price. Attending a pricey Ivy League or Big Ten school can cost students tens of thousands of dollars in extra tuition over the course of their four-year degree programs.
  • Online vs. On-Campus: The online MBA degree is intended for students who wish to work full-time while taking classes and building their business expertise. For students who want to attend graduate school but aren’t able to relocate to attend school, an online or distance learning program could be an excellent alternative.

Affordable Online MBA Programs No GMAT

The GMAT is just one of the admissions criteria for an online MBA degree. This test determines whether you have the tools to succeed in a rigorous graduate program that focuses on teaching you advanced business theories. However, many MBA programs do not require students to submit their GMAT scores during the application process.

This relieves the applicants some stress in the application process and saves them some money. The cost of preparing for a graduate school entrance exam, such as the GMAT, can be an extra financial burden due to the test fee itself and the expense of preparation.

Typically GMAT preparation books and practice tests cost around $50 and $30, respectively. The GMAT exam costs $250, and some students may need to take it more than once.

Even after choosing an affordable MBA program available and taking advantage of financial aid options, learners can continue making money-saving choices. The following list describes the advantages of overloading your degree courses, choosing textbook alternates, and making loan payments while you are still in school to lower your total interest payments.

According to the Graduate Management Admission Council, MBA graduates in the United States and overseas are in high demand. Currently, 77% of U.S. employers are seeking to hire more MBA graduates as of 2019, with a high concentration among Fortune 500 and other large corporations. Startup companies have also reported an increase in demand. With opportunities abroad rising, MBA graduates can enjoy a strong job market around the world. Check out our detail guide on salary of each specializations below:

MBA In Marketing Salary
MBA In Information Technology Salary
MBA in Healthcare Management Salary
MBA in Finance Salary

Additionally to job security, students should research potential salaries to determine how long it would take for their investment to return. The projected median annual salary for new MBA hires in 2019 is $115,000. When estimating their return on investment, students should consider their salary-to-debt ratio and their school’s graduate employment statistics.

MBA graduates have lucrative career opportunities in health management, technology, sales, and executive management. The following table shows median annual salary data related to common roles for MBA holders.

FAQs About Online Master’s In Cyber Security Programs

Accredited online MBA programs follow the same standards as in-person programs. Regional, national, and programmatic accreditation bodies set these standards. As regional accreditation ensures the highest standards in academics.

Most online MBA programs can be completed in two years. Some programs offer an expedited program that allows students to graduate within the first year of full-time enrollment.

Yes. Graduates with accredited online MBAs are able to qualify for lucrative job opportunities, which pay well over the median annual income for their respective states.

Accreditation indicates a quality MBA program. Some schools may offer cheap online MBAs, but their degrees carry less value. The costs of accredited programs may be higher at the outset, but their benefits will outweigh the costs.

Online MBAs provide more affordable options for MBA students, as many schools allow online enrollees to pay in-state tuition or even lower prices. However, some schools do not differentiate, so students should always research tuition expectations before enrolling.

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