College is expensive, but that doesn’t have to stop you from furthering your education and achieving your professional goals. If you’re considering getting a Master of Business Administration (MBA) but are worried about the cost, several high-quality and affordable MBA programs are available online. Online MBA programs have become increasingly popular in recent years, with many schools offering them at a fraction of the cost of on-campus programs. Not only are these programs often more affordable, but they also offer unmatched flexibility and accessibility, making them ideal for working adults and anyone else with a busy schedule.
Here’s a comprehensive look at how much MBA programs cost, how to find the right program for you, and some of the cheapest online MBA programs available.
How Much Do MBA Programs Cost?
According to U.S. News & World Report, MBA programs can cost upwards of $70,000 per year. If you’re a student on a budget, this number can be intimidating, but fortunately, plenty of programs are available for less than this.
While more expensive programs can cost tens of thousands of dollars annually, some MBA programs can be completed for as little as $10,000.
Various factors that influence the cost of these programs, including the type of school (i.e., public vs. private) and program format (e.g., full-time, part-time, or accelerated). Location can also have a major impact on the cost of a program, even if the program is entirely online. Many schools determine tuition rates based on residency, and some institutions apply these same rules to online students.
When considering the cost of a program, make sure to take into account expenses like books, supplies, and fees. While tuition will make up the bulk of your costs, these other expenses can add a few thousand dollars to your bill.
If you cannot cover the cost of your education on your own, make sure to consider your financial aid options. Fill out the Free Application for Federal Student Aid (FAFSA) as early as possible, check your school’s website for scholarship opportunities, and if applicable, talk to your employer about education reimbursement.
How To Find a Legitimate Online MBA Program
When selecting an online MBA program, it’s crucial to be careful and choose a legitimate program that will provide you with a quality education and a degree that is respected by employers.
Many online programs offer the same rigorous coursework as their in-person alternatives. However, there are also many online institutions that offer MBA programs without having the proper accreditation to award legitimate degrees. This is especially important to consider when looking for cheaper options, as some of these illegitimate institutions attempt to reel people in by advertising abnormally low tuition rates.
Here are some tips for finding a legitimate online MBA program.
Regional accreditation
Regional accreditation is one of the most important things to look for when selecting an online MBA program. This type of accreditation is awarded to a school as a whole and ensures that the school meets specific quality standards. Regional accreditation is typically awarded by one of six organizations recognized by the U.S. Department of Education.
Make sure to only apply to schools accredited by institutions recognized by the Council for Higher Education Accreditation (CHEA).
Programmatic accreditation
In addition to regional accreditation, it’s also important to look for programmatic accreditation for the MBA program specifically.
This type of accreditation is awarded to individual programs within a school and ensures that the program meets certain quality standards. The two main programmatic accrediting organizations for MBA programs are the Accreditation Council for Business Schools and Programs (ACBSP) and the International Accreditation Council for Business Education (IACBE).
Both ACBSP and IACBE are recognized by the Council for Higher Education Accreditation (CHEA), which is an organization that ensures academic quality through accreditation. A program with ACBSP or IACBE accreditation has been reviewed by a team of business education professionals, and the program’s faculty, curriculum, and student outcomes have been evaluated against a set of rigorous quality standards.
The 50 Cheapest Online MBA Programs
What You Can Do with an MBA
An MBA can open up a wide range of career opportunities, from consulting to finance to marketing.
Here are some of the most popular career paths available to those who have earned an MBA.
Management consultant
Management consultants work with businesses to help them improve their performance. They may analyze a company’s current processes, review its strategies, consider its long-term goals, and provide recommendations for improvement.
Management consultants typically work independently or with a consulting firm.
Median Annual Pay (2021): $93,000
Financial manager
Financial managers are responsible for overseeing a company’s financial operations. Successfully managing a business’s finances requires skillful attention to various aspects, including budgeting, financial reporting, forecasting, and related tasks. In some cases, they may also be responsible for managing investments. Though, this is often left to someone else.
Median Annual Pay (2021): $131,710
Marketing manager
Marketing managers create and implement marketing strategies to help businesses expand their reach and grow their audience. They are often responsible for both digital and physical advertising, and they may be required to write and present reports demonstrating the results of their marketing strategies.
Median Annual Pay (2021): $133,380
Entrepreneur
With an MBA, you’ll have the skills and knowledge necessary to start your own business. Whether you’re interested in starting a tech startup or opening a restaurant, an MBA can provide you with the foundational knowledge and skills you need to be successful. Depending on your specific career goals, you may also be able to find a concentration directly related to your business.
Median Annual Pay (2021): Varies
Operations manager
Operations managers oversee the day-to-day operations of a business to ensure that everything is running smoothly.
An operations manager may manage staff, schedule production, and ensure the business meets its goals.
Median Annual Pay (2021): $97,970
Investment banker
These finance professionals work with companies to help them raise capital by underwriting securities offerings and providing financial advice. They are also often involved in mergers and acquisitions and other corporate finance transactions.
Median Annual Pay (2021): $62,910
Human resources manager
Human resources (HR) managers are responsible for hiring, training, and developing employees. Depending on the size of the company and its HR department, human resources managers may have many responsibilities, ranging from managing benefits to ensuring the business complies with labor laws.
Median Annual Pay (2021): $126,230