2023 Most Affordable Online Colleges for MBA Programs

Choosing an Online MBA Program

According to the National Center for Education Statistics (NCES), an MBA is the most popular of all master’s degree programs. NCES statistics show that more than 192,000 people earned MBAs in that year alone, a number that continues to increase. Earning an MBA degree equips graduates with specialized knowledge and skills that may give them a competitive edge in the job market.

Many factors go into selecting the best online MBA program for a student’s needs. For many, tuition is the most important consideration, but during a school search, students may also want to research each school’s financial aid options and other student resources. Additionally, students often select a school that offers the particular concentration or elective courses they are interested in pursuing to achieve their professional goals.

Students may have a preference for how their online courses are delivered. Some programs offer hybrid course delivery, with requirements completed online and in person. Other programs are fully online. In addition, students may have a preference regarding the style of their individual courses. Synchronous classes are live, while asynchronous courses allow students to watch lectures and complete coursework on their own schedule.

Finally, accreditation is an important factor to consider. The Association to Advance Collegiate Schools of Business (AACSB) accredits online MBA programs and ensures that the curriculum and faculty meet predetermined standards of excellence in higher education.

Is an Online MBA Taken Seriously?

Students may wonder whether an online MBA is worth pursuing or if they will lose any advantages that graduates of traditional programs might have.

The answer is that yes, for the most part, today’s recruiters, human resource directors, and hiring managers understand that an online degree is respectable if it is from a reputable, accredited university is the equal of a traditional degree. If an online master’s in business program has been regionally accredited, it shows that the curriculum has been evaluated and proven to meet the same accepted standards for academic rigor as on-campus programs. It also demonstrates that courses are taught by competent, experienced instructors, and that students are reaching desired learning outcomes, such as developing specific skills and abilities relevant to the degree. Some hiring managers may even appreciate the stamina and determination that goes into earning a degree online, especially if the student maintained a full-time job in the process.

Common Online MBA Courses and Concentrations

The following is a list of common core courses for an online MBA degree. Many of these can be taken either as a standalone course or as a concentration.

Cost of an Online MBA Degree

The cost of an online Master of Business Administration (MBA) can vary widely. For the 25 schools on our most affordable online MBAs list, the total cost of tuition for a two-year program ranges from $2,637 to $5,415. When students widen their search beyond the most affordable schools, they'll find online programs totaling as much as $107,000 or more.

To compare program costs, it's also helpful to consider per-credit tuition fees. In general, an MBA requires the completion of 30 semester credits (and more if the student needs to take prerequisite courses). For the most affordable online MBA programs, cost per credit ranges from $257 to $385.

Various factors are not reflected in tuition rates that students may need to consider:

• Costs of books and other supplies
• Annual and one-time-only fees charged by many schools, such as for the application, technology, and graduation fees
• Childcare, for students who have small children at home
• Interest that will need to be paid on a student loan, if that type of financing is needed
• Costs associated with on-site meetings, including transportation and accommodations, as some graduate programs require students to be on campus for orientation and/or practicums, workshops, and conferences

However, MBA students may be able to offset the cost of their online degrees in several ways. For instance, some newly admitted students may be able to obtain credits from previous work experience, military service, or other professional training. They may also demonstrate their knowledge of certain subjects on assessment exams, which can reduce the number of prerequisite and required courses needed to graduate. Some online MBA students may also qualify for scholarships, fellowships, grants, and tuition discounts—forms of financial assistance that don’t need to be paid back. We've provided additional information about funding an online MBA program below.

Funding an Online MBA Degree

As you're considering various online MBA programs, you'll naturally want to think about the tuition fees and other costs in earning a degree. Keep in mind that students enrolled in accredited online MBA programs are eligible for financial aid. To apply, simply submit the Free Application for Federal Student Aid (FAFSA). Once your application has been processed, you'll be notified if you qualify for federal, state, or school-sponsored aid. 

Grants and scholarships are the preferred types of financial aid because they typically don't need to be repaid. Your employer may also offer some type of tuition reimbursement or other financial assistance.

Student loans are another option, but the interest can add a substantial amount to the total cost of an MBA. Before signing on the dotted line, use our student loan repayment calculator to determine the full cost of a loan. Also remember that federal student loans often have lower interest rates and better repayment plans than private student loans. 

Scholarships

Students interested in a graduate business degree can use university scholarships and private grants to help pay for their degree. The first step to apply for financial aid involves filling out the FAFSA. This form requests applicants' personal and financial information to determine how much aid they're eligible for. While the FAFSA can also be used to apply for financial aid in the form of federal loans, scholarships are often a better option as students don't have to repay them. Below is a list of scholarship opportunities for individuals enrolled in or planning to enroll in an online MBA program.

Is Getting an Online MBA Worth It?

Because pursuing a degree is a significant financial and time investment, students may wonder whether an MBA will be worth it overall.

Looking strictly at earning potential, the answer to this question seems to be a resounding yes. Data from a 2020 survey conducted by the National Association of Colleges and Employers reveals that newly graduated MBA holders earn average annual salaries approximately $20,000 higher than their bachelor’s-degree holding counterparts. Multiplied over a lifelong career and factoring in the potential for advancement, the increase in earnings may be alluring.

It's important to consider additional factors in order to make a more balanced and informed decision about pursuing an online MBA. The true value of a graduate degree in business has been up for debate in recent years, with both sides urging prospective students to look at the bigger picture. Critics say there are a few factors that can make an MBA a poor investment: the high cost of earning a degree, the increasing number of MBA degree holders within a limited job market, and the possibility that MBAs will be less beneficial in a post-COVID-19 workplace. While it is true that MBAs can be expensive, there are ways to make them more affordable, such as by looking for schools on our most affordable ranking list or considering options for additional funding. And while there may be downsides to earning an MBA for some, many people find them beneficial for networking and career advancement.

For those who do wish to pursue an MBA degree, some of the benefits are as follows:

• Specialization opportunities: Selecting an MBA with a concentration provides students with highly targeted, relevant understanding and expertise in some aspect of business. Because students have so many online MBA programs to choose from, they are more likely to find a program that aligns with their particular interests. Possible concentrations include health care administration, human resource management, marketing, and general business.

• Flexible schedules: Online graduate programs are designed specifically for working adults, which means that enrollees do not have to give up their jobs and lose several years of career traction while they earn a degree. Most programs offer primarily asynchronous courses, and students often have the option to adjust their course loads from one semester to the next to allow for other commitments in their work and personal lives.

• Skills gained: The coursework, as well as the challenges of going to school online while maintaining a job, help build valuable skills in critical thinking, organization, collaboration, and written and verbal communication. Studying business with a group of peers who are currently employed in a variety of industries allows students to apply theoretical knowledge to contemporary, real-world situations. In addition, the completion of an online degree demonstrates a student’s level of personal commitment and perseverance to employers.

A graduate degree in business is not the right path for everyone. The decision to pursue an advanced degree depends on many personal factors, from a student's financial situation to their obligations and career goals. Yet for those who aspire to higher-level management positions, earning an MBA, especially online, can be an effective means of obtaining the credentials, knowledge, and skills needed to land advanced jobs in the future. Perhaps this explains why the MBA is still the most popular graduate degree program, according to the NCES.