An MBA is one of the most versatile master’s degrees students can earn, and online programs make them more accessible than ever.
Given the volume of online MBA programs available, selecting the one that’s best for you can be difficult. That’s why Intelligent.com reviewed hundreds of programs based on factors like cost, retention and graduation rates, and rankings, to create this list of the best online MBA programs of 2023.
To further help students navigate the process of enrolling in an online MBA program, Michelle Pickett, the director of the Academic Advising Center at Northern Illinois University offers her expertise for evaluating and selecting programs, concentration options for MBAs, and what career prospects await graduates.
Online MBA Program Overview
What is an MBA?
A Master of Business Administration, commonly known as an MBA, is a graduate degree focusing on business management skills and topics.
MBA curriculums typically include courses in areas like finance, management, marketing, and business ethics. They also teach transferable skills like leadership, communication, and entrepreneurship. Students can choose between generalist MBA programs that give equal attention to all related topics and specialized MBA programs that dive deep into a specific subject area.
An MBA is an incredibly versatile degree. Students can use an MBA to help them advance towards management and C-suite positions, pivot to a new career, increase their earning potential, or start their own business. Many industries employ MBA grads, including tech, finance, healthcare, marketing, and consulting.
How long does it take to get an MBA degree?
The amount of time it takes to earn an MBA depends on a few factors:
- Number of credits: The most significant determining factor in how long it takes to earn an MBA is the number of credits required for a particular program. Most MBA programs in the U.S. require 36-60 credits. Programs that are 36 credits can typically be completed in one academic year, while the standard minimum time to complete a 60-credit program is two academic years.
- Part-time vs. full-time: Another factor that influences how long it takes to get an MBA is whether you enroll full-time or part-time. Part-time students take longer to earn their degrees because they take fewer classes each term. Meanwhile, accelerated full-time programs may include more classes per term to help students finish faster.
- Transfer or work experience credits: Students who transfer previously earned credits from another MBA or graduate program can complete their MBA faster than those who start from scratch. Many MBA programs also grant students credit or waive certain requirements if they have extensive applicable work experience, which can shorten program length. On the other hand, inexperienced students may need to complete prerequisite coursework, adding time to their program.
What are the admission requirements of an MBA degree?
Each MBA program sets its own admission requirements, so it’s best to check with the particular program you’re interested in before determining if you’re qualified and preparing your application.
A common requirement for an MBA program is a bachelor’s degree from an accredited institution. Some MBA programs may require that students have an undergraduate degree in a business-related major, while others are open to students from all backgrounds.
Most MBA programs also require that students submit test scores for the Graduate Management Admission Test (GMAT) or the Graduate Record Examinations (GRE). Schools use these standardized tests to help determine a student’s level of knowledge and readiness for the demands of an MBA degree program.
Because of the academic rigor MBA programs require, there may be other academic requirements, such as a minimum undergraduate GPA, minimum GRE or GMAT scores, or prerequisite coursework.
Many MBA programs also require students to have a minimum amount of professional work experience (typically 2-5 years), although there are programs open to those with little or no professional experience.
While the application process for an MBA varies from school to school, students typically must submit an application, official undergraduate transcripts, GMAT or GRE scores, a personal statement, a resume, and letters of recommendation. Competitive programs may also include live or virtual interviews as part of their evaluation process.
How much does an MBA degree cost?
According to EducationData.org, the average cost of an MBA is $61,800. However, the amount that each student pays for their MBA varies based on multiple factors.
- Public versus private institution: Tuition differs greatly based on whether an institution is public or private, with public universities typically charging lower tuition than their private counterparts. For example, an MBA at Binghamton University, a public school, costs $34,940, compared to $112,760 at Harvard University, a private school.
- In-state versus out-of-state tuition: There’s one caveat with public universities, they typically charge different tuition rates based on where students live. In-state students get a lower tuition rate, while students who reside in a different state may have to pay more. This is especially important for online students to be mindful of, as they’re more likely to be non-residents.
- Scholarships, grants, discounts, and tuition assistance: A school’s advertised tuition price and what a student ends up paying may differ, thanks to financial aid like scholarships and grants. Because an MBA makes an employee more valuable, many companies offer tuition assistance to workers who enroll in an MBA program. This may cover some or all of your tuition based on your employer’s policies.
The Top 50 Online MBA Programs
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How We Rank Schools
This list features some of the best online MBA programs at top colleges across the country. Each school featured is a nonprofit, accredited institution — either public or private — with a high standard of academic quality for post-secondary institutions. The programs on our list are available at accredited institutions, including The Association to Advance Collegiate Schools of Business (AACSB) and the Accreditation Council for Business Schools and Programs (ACBSP), both reputable organizations who assess business programs for educational excellence and a commitment to quality education.
We evaluated each school’s program on tuition costs, admission, retention and graduation rates, faculty, and reputation as well as the student resources provided for online students. Then we calculated the Intelligent Score on a scale of 0 to 100. Read more about our ranking methodology.
Next, we compared this comprehensive list of online MBA programs to a list of aggregated college rankings from reputable publications like the U.S. News & World Report among others to simplify a student’s college search. We pored through these rankings so students don’t have to.
MBA Degree Concentrations
Is a specialized MBA degree better than a general MBA degree?
Another decision you may face as an aspiring MBA student is whether you want a general or specialized MBA degree. According to Northern Illinois University’s Academic Advising Center Director Michelle Pickett, one type of MBA isn’t objectively better than the other. Still, it primarily depends on what you hope to get out of your MBA program.
“General MBA programs are valuable for those looking to gain exposure to a degree that covers a variety of business areas,” Pickett says. “The general MBA is broader and can be applied to more areas,” Pickett adds that general MBA programs are typically more beneficial to students with little or no professional business experience.
Of specialized MBA programs, Pickett says, “These programs are valuable for those who are looking to build expertise in a specific area of business, such as accounting, finance, or management. Those who complete specialized programs may have a professional advantage because they will have a deeper level of knowledge in a specific area, which some employers find attractive.”
To help students decide which type of MBA is better for them, Pickett suggests students ask themselves questions like, “What professional and personal goals do I have for pursuing my degree?” and “What specific skills am I looking to develop or enrich with this degree?” Having clarity in these areas can help you select the right type of MBA degree.
What are some common MBA degree concentrations?
For students who choose to do a specialized MBA degree, a number of different concentrations are open to them.
Finance
An MBA in Finance is ideal for individuals who want to work in investment banking, risk management, corporate finance, financial planning, and more. In this concentration, students will take courses in fintech, corporate finance, investments, valuation, mergers and acquisitions, and more.
Marketing
Students interested in communications, branding, sales, and analytics may find an MBA in Marketing suits them best. This concentration features digital and social media marketing courses, brand management, consumer behavior, marketing strategy and research, and more. Graduates with MBA in Marketing concentrations go on to work as chief marketing officers, brand managers, and market research analysts, among other positions.
Human Resources
An MBA in Human Resources prepares graduates to work as human resource managers, talent acquisition specialists, employee relations managers, and more. Courses in an MBA in Human Resources cover topics like organizational behavior, employee engagement, people management, corporate strategy, and more.
Healthcare Management
If you want to work in management, specifically in the healthcare sector, an MBA in Healthcare Management (or Healthcare Administration) may be the right option. This concentration covers topics specific to leadership within healthcare settings, such as operations management, marketing, and information systems. Graduates are prepared to work in hospitals, clinics, and other medical settings as healthcare administrators, financial managers, and hospital CEOs.
Entrepreneurship
An MBA in Entrepreneurship can help prepare students who want to start and operate their own businesses. Through courses in management, entrepreneurial finance, innovation, new venture creation, and more, students will learn the necessary skills to establish and run a company successfully.
Information Technology
An MBA in Information Technology combines business and tech skills. An MBA in Information Technology will provide the necessary training for those seeking management roles in IT, information security systems, software development, or IT infrastructure. Classes in this concentration typically include project management, database development and applications, enterprise systems deployment, and more.
International Business
Globally-minded students may be drawn to an MBA in International Business, which covers topics like global supply chain management, importing and exporting, foreign trade, international communications, and more. Graduates with an MBA in International Business can work as global marketing directors, international logistics coordinators, and international trade compliance managers, among other roles.
Sustainability
An increasingly popular MBA concentration is Sustainability, which focuses on environmentally-friendly business practices. These programs blend coursework in environmental management and strategy, sustainable investing and marketing, climate change law and policy, and more. Upon graduation, you’ll be prepared to work in roles as a director of compliance, sustainability consultant, supply chain and logistics coordinator, and more.
Career Opportunities for MBA Degree Graduates
Career trajectories
Many prospective students ask, “What can I do with an MBA?” However, the better question might be, “What can’t I do with an MBA?”
This incredibly versatile degree prepares graduates for leadership roles in a range of industries by teaching transferable skills like management, communication, strategic thinking, data analysis, and more.
Some of the most common positions filled by MBA grads include the following:
- Chief executives: High-level leadership positions such as chief executive officer (CEO), chief operating officer (COO), chief financial officer (CFO), president, and executive director are often filled by individuals with MBAs. Median annual salary: $98,980
- Financial managers: MBA grads with a mind for money often go on to become financial managers, overseeing the financial health of organizations by preparing financial reports and forecasts, managing budgets, and advising management on financial decisions. Median annual salary: $131,710
- Training and development managers: These types of managers are needed in nearly every industry to plan, coordinate, and oversee staff training and development at an organization. Median annual salary: $120,130
- Computer and information systems manager: Individuals who want to combine business and technical expertise may aspire to this type of position, which is responsible for all computer and IT-related activities at an organization, including installation, maintenance, database management, and security. Median annual salary: $159,010
- Medical and health services managers: These positions are tasked with planning, coordinating, and directing medical and health services in places like hospitals, healthcare networks, private medical practices, clinics, and more. Median annual salary: $101,340
Is an MBA degree worth it?
According to Pickett, “Pursuing an MBA degree is a valuable use of your time if it fits your personal and professional goals. Being clear on your “why” is important to help you maintain your focus and commitment to the program.”
A few possible reasons why an online MBA might be worth it include increased earning potential, expanding job opportunities, and earning in-demand skills.
Companies often fill leadership and management roles with MBA grads. The U.S. Bureau of Labor Statistics (BLS) predicts that management occupations will grow 8% between 2021 and 2031, which is faster than average for all occupations. The agency estimates there will be roughly 883,900 new management positions opening up over the decade, meaning individuals with the necessary training and skills will be in high demand.
These positions are also lucrative. BLS reports that the median annual wage for workers in management positions is $102,450, which is over $50,000 more annually than the median annual wage for all occupations.
Because they are business-minded, most prospective MBA grads want to know what the ROI of an MBA is. This ultimately depends on multiple factors, including the cost of the MBA program the student enrolls in, what type of job they pursue, and where they end up working. For 2023, starting annual salaries for MBA grads are predicted to range from $96,084 in Washington State to $58,461 in North Carolina.
An MBA can also pay off over time. For example, the 10-year ROI for MBA alumni from the Stanford Graduate School of Business, one of the nation’s top-ranked business schools, is estimated to be 325 percent.
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How to Choose an MBA Degree Program
According to Pickett, selecting an MBA degree program begins with students thinking about what they want to achieve at the end of their program in terms of career trajectory and the skills, knowledge, and networking opportunities they need to meet their goals.
“Knowing why they are seeking an MBA and the specific skills they want to gain or enhance by obtaining this degree will give individuals the clarity they need to find the degree program that best fits them,” she says.
Next, students should research programs and learn more about their admission requirements, course offerings, faculty, academic support systems, and alumni networks.
“Doing this provides a clearer picture of the specific MBA program, as well as key program outcomes,” Pickett says. “Ideally, you want a program with outcomes that match some or all of your personal goals for earning the degree.”
The last step Pickett recommends in choosing an MBA program is engaging with program alumni to learn more about their experiences and how they have used their degree to advance their professional and personal lives. You can connect with alumni from your programs of interest through your own professional network, by contacting the school’s alumni office, or through social media platforms like LinkedIn.
“Pursuing an MBA degree is a significant investment of one’s time, energy, and resources,” Pickett says. “Having a clear understanding of your “why” in addition to understanding how the program will meet your goals and add value to you professionally is important.”
5 Steps to Selecting an Online MBA Degree
Step 1: Make sure an MBA is the right degree for you
The first step in selecting and applying to an online MBA program is determining if this type of degree best suits your needs, goals, and experience level.
For students interested in business or business-related fields, there are multiple types of degrees that will give them the knowledge and skills they need to advance their careers. For example, a student interested in finance can choose to get an MBA in Finance, a Master of Finance (MFin), or a Master of Science (MS) in Finance. While each degree covers finance-related topics, they approach them from different places, theoretically and practically. An MBA in Finance is the only type of degree that will also include general business courses, while the others focus specifically on financial concepts.
This is another instance of why knowing your long-term goals is so important, as this will help inform whether an MBA is the right path for you.
Step 2: Research schools and programs
With so many online MBA programs available, you’ll want to give yourself sufficient time to explore all your options.
Creating a list of parameters prior to starting your search can help make this step more manageable. Some parameters you might set include:
- Synchronous or asynchronous classes
- Full- or part-time enrollment
- 100% online or hybrid schedule
- Daytime, evening, or weekend classes
- Minimum professional experience requirements
- Price and financial aid opportunities
Many students start researching particular programs by visiting their websites. You can also learn more about your programs of interest by requesting digital or print admissions materials; contacting the school’s admissions, financial aid, and academic offices; attending virtual open houses and other recruitment events and following the school and MBA program on social media.
Here are some questions you should ask as you’re researching potential programs:
- What networking opportunities are available to online students, including faculty and classmates?
- What support services do the school and program provide for online students?
- Will I have to complete any in-person requirements for this program, including internships?
- How much interaction do students have with faculty, and how is this interaction conducted?
- What is the overall culture of the institution?
- What scholarship and financial aid opportunities are available?
Step 3: Prepare for tests and applications
As students are researching the MBA programs they’re interested in, they should also pay attention to application requirements and deadlines. They should also prepare for their GMAT and/or GRE if they need to take those exams.
Each program has its own admissions policies and procedures. For example, some MBA programs may only admit new students once a year, while others have multiple enrollment terms. To ensure you’re considered for the correct term, be aware of application deadlines and abide by them when submitting application materials.
There are multiple opportunities throughout the year for students to take their required standardized tests. However, given the challenging nature of the GRE and GMAT, it’s recommended that students give themselves ample time to prepare. This can include self-paced study or prep classes. Students should also build in time to retake the exams if they don’t achieve their desired score on the first try.
Step 4: Determine how you'll pay for your online MBA
It’s never too early to consider how you’ll pay for your online MBA.
If you’re currently employed, find out if the company you work for offers tuition benefits. Because of the desirability of MBA skills, many employers offer financial assistance to help employees earn their MBA.
You should also research what type of scholarships and grants a school or program offers, while exploring outside opportunities for these types of free money.
Student loans are another option. Graduate students are eligible for Direct Unsubsidized Loans and Direct PLUS Loans through the U.S. Department of Education. Students can apply for these loans by completing the Free Application for Federal Student Aid (FAFSA). Private student loans are an option for students who need additional loans, although it’s important to shop around to get the most favorable terms.
When figuring out your budget for your MBA, keep in mind additional costs beyond tuition, like books and other learning materials, additional fees, and tech like a reliable computer, webcam, and Wi-Fi.
Step 5: Select programs for application
The final step is to narrow down your list to the programs you’ll actually apply to. While there’s no magic number of MBA programs to apply to, some popular and well-regarded programs can be competitive. Your own particular preferences and ambitions will inform how many applications you submit.
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