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Best Online Accelerated MBA Programs of 2024
Best Online Accelerated MBA Programs of 2024
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A Master of Business Administration, aka an MBA, is a versatile graduate degree that prepares students for a variety of career paths and opportunities. Enrolling in an accelerated online MBA program can help students achieve their goals even faster.
Given the number of available programs, choosing one can be challenging. That’s why Intelligent.com reviewed dozens of accelerated online MBA programs, based on factors like cost, graduation and retention rates, and rankings, and created this list of the best online accelerated MBA programs of 2023.
To further help you navigate the admissions and enrollment process, Michelle Pickett, the director of the Academic Advising Center at Northern Illinois University, offers her insight into what students should expect from an accelerated online MBA program, the pros and cons of these programs, and how to choose the online accelerated MBA that’s right for you.
What Can I Expect from an Online Accelerated MBA Program?
An online accelerated MBA program offers the same coursework as a traditional MBA program, but in a compressed time frame. While this means students gain valuable business skills and knowledge, they should also be prepared for a rigorous schedule while enrolled in the program.”Online accelerated MBA programs are typically for students who have already completed a bachelor’s degree in business or have completed prerequisite business courses,” Pickett says. She adds that many MBA students are working professionals looking to develop professionally and add to their skill set.
To be eligible for these programs, schools generally expect students to have foundational coursework or experience in accounting, business economics, management, marketing, and statistics. Other criteria may include a minimum undergraduate GPA and GRE or GMAT scores.
The curriculum for most MBA programs is built on coursework in areas like strategic planning and decision-making, marketing, economics, accounting, finance, organizational behavior, and operations management. Depending on the program, students may be able to choose a concentration in an area like healthcare management, human resources, or entrepreneurship.
Because of the condensed nature of the program, many online accelerated MBA programs use cohort models and sequenced courses to keep students on track, develop a community of learners and build students’ knowledge as they progress through the program.
This list features some of the best online accelerated MBA programs in the U.S. All are offered by nonprofit, accredited institutions, either public or private, with a high standard of academic quality for post-secondary institutions.
We evaluated each online accelerated MBA program based on tuition costs, admission, retention and graduation rates, faculty, reputation, and student resources. Then we calculated the Intelligent Score on a scale of 0 to 100. Read more about our ranking methodology.
Next, we compared our picks 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.
Pros of Online Accelerated MBA Programs
Fast completion time
Although exact program durations vary, students can typically expect to complete an online accelerated MBA program in 18 months or less. This is compared to a traditionally-paced MBA program, which may take 2-3 years.
Pickett says, “These MBA programs are ideal for working professionals looking to pursue their degree conveniently.” The accelerated pace means students develop skills faster, allowing them to apply for new jobs or negotiate a higher salary.
While the pacing of an online accelerated MBA program is intense, depending on an individual’s situation, it might be more accessible to focus on school for a shorter period of time.
Flexibility
“Classes in online accelerated MBA programs are typically provided in an asynchronous format, which allows students to complete classes on their own schedule,” Pickett says.
This flexible scheduling format, in which there are no set class meetings, means students can fit in their schoolwork around other obligations like jobs or caregiving responsibilities. Even in programs with synchronous classes, students can still learn from whatever location best suits their needs.
Pickett adds, “Online accelerated MBA programs also tend to enroll students more frequently than traditional programs, which may only admit new students once or twice a year.” With multiple start-term options, students can start their program when it’s most convenient.
Versatility
An online accelerated MBA program prepares students for various high-level leadership roles, including executive positions, by equipping students with a diverse skill set. This includes hard skills in accounting, economics, and marketing and soft skills like critical thinking, leadership, and communications.
Individuals with MBAs can be found in nearly every industry, from finance to healthcare to IT. For entrepreneurial-minded students, an MBA can provide the training needed to establish and operate a business.
Meanwhile, for students who want a focused study or to develop skills in a particular business area, many programs offer the option to choose a specialization.
Increased earning potential
Pursuing an MBA is a significant commitment, so understandably, students want to ensure they’re getting their money’s worth.
This means an accelerated MBA program could increase your earning potential by nearly $15,000 annually and possibly more as your career advances. Online MBA programs can cost as little as $10,000 to $15,000 in tuition, so the opportunity to boost your earnings may be worth it.
Cons of Online Accelerated MBA Programs
Pacing and intensity
While the fast-paced nature of an accelerated MBA program might be a pro for some, this format may not work as well for others.
“The reality is, for some students, these types of programs might be too fast-paced,” Pickett says. To complete all the requirements for an MBA in an accelerated format, students might have multiple classes per term, and the terms might be shorter, meaning students have less time to master skills and content.
For some students, learning through asynchronous courses, which rely on videos, pre-recorded lectures, and reading assignments, may not be the ideal format. Before students enroll in an online accelerated MBA program, they should consider their learning preferences and needs.
Technical skills needed
Another thing to remember with any online program is that students must be comfortable using technology and confident in their ability to troubleshoot any technical issues. Dealing with spotty wifi, bad audio, or glitchy video can impact students’ ability to participate in classes, access lessons, and submit assignments on time.
Most schools have technical support services to assist online students. However, being familiar with videoconferencing software and online learning platforms like Canvas or Blackboard can mean students have one less thing to learn as they embark on their MBA.
Networking challenges
Getting ahead in your career isn’t just about what you know, it’s who you know. In traditional in-person MBA programs, students can connect with classmates and faculty, leading to job opportunities, mentorships, and more.
Networking can be more challenging in an online MBA program, particularly an asynchronous one where students and faculty aren’t engaging with each other in real-time. Programs may offer online networking opportunities like social media or discussion groups. However, if building your professional network is a priority for your MBA experience, considering an in-person program may be a better option.
MBA Specializations
Many online MBA programs offer specializations or concentrations that allow students to dig deeper into a particular area of business administration. These programs typically combine general business courses with high-level coursework in the concentration area. Students should note that for most of these areas, other types of master’s degrees are available, such as a Master of Finance (M.Fin) or Master of Science (MS). Consider your career goals and research all degree program options to help you find the right program for you.
Entrepreneurship
A specialization in entrepreneurship can help individuals with aspirations of running their own companies. This concentration prepares students to be leaders and managers, with coursework focusing on the principles of running a business, including management, marketing, strategic planning, accounting, and more. Some programs may offer students additional support with developing business plans and getting their company up and running.
Finance
A finance concentration gives students the knowledge and skills to understand and manage how money moves throughout individual businesses and the broader economy. The curriculum typically includes high-level coursework in risk management, financial analysis, portfolio management, fintech, and more. Aspiring chief financial officers (CFO), financial managers, and budget analysts may find a finance specialization useful in achieving their goals.
Healthcare management
A healthcare management concentration focuses on the intersection of healthcare and business. Students in this concentration learn about the multiple aspects of running healthcare facilities and networks, including financial planning, marketing, reimbursement systems, information technology, and more. Soft skills emphasized in an MBA with a healthcare management concentration include leadership, collaboration, and management.
Human resources
A concentration in human resources is designed for students who want to work in recruitment, hiring, talent development, and training. Earning an MBA with a human resources concentration can help individuals land and succeed in management positions by emphasizing communication, collaboration, and leadership skills. To expedite becoming professionally certified by the Society of Human Resource Management (SHRM), students should check if their program is SHRM-aligned.
Information technology
For students seeking management positions within a company’s IT department, a concentration in information technology is an ideal way to pursue that goal. This specialization will help students develop advanced computer and IT skills and business and management acumen. Coursework covers computer networking, IT project management, business technology, and data analysis.
International business
An international business concentration prepares students for leadership roles in project management, finance, and marketing on the global stage. In addition to coursework in international finance, logistics, import and export management, and foreign market entry and growth, many international business concentrations include a study abroad component to give students hands-on experience working internationally.
Marketing
Students who earn an MBA with a concentration in marketing are prepared to design and oversee campaigns to promote companies, services, and brands. Standard coursework for a marketing concentration includes brand management and strategy, market research, public relations, advertising, and more. Students with an MBA with a marketing concentration can pursue jobs such as chief communications officer, marketing manager, branding consultant, and more.
Sustainability
As companies increasingly focus on social and environmental responsibility, more schools are offering an MBA with a concentration in sustainability. This is an ideal MBA concentration for anyone who wants to be a leader in “green business,” with courses that teach business principles through a sustainable, environmentally-friendly lens. Job prospects include sustainability manager, logistician, environmental compliance specialist, and more.
How To Choose the Online College or University That’s Right for You
Step 1: Determine what you want from your degree program
Before you begin searching for an online accelerated MBA program, take some time to reflect on what your career goals are. What knowledge and skills do you want to gain from this degree? What types of jobs do you want to be qualified for post-graduation? How important is networking to you? Clarifying your career aspirations will help you determine if an MBA is the right degree or if you should pursue a different master’s program.
Think about your educational needs as well. Can you handle the academic demands of an accelerated program? Do you prefer to learn in a synchronous or asynchronous environment? What kind of academic and technical support will you need in your program?
Knowing what you want and need will help you set parameters to narrow your search from the many online accelerated MBA options available.
Step 2: Research schools and programs
Once you’ve established the criteria that you want from an online accelerated MBA, you can begin researching specific programs.
In addition to your personal parameters, you’ll also want to confirm that any schools you’re considering have institutional accreditation. Schools in the U.S. can be regionally or nationally accredited. Regional accreditation is the more widely accepted of the two because standards for regional accreditation are more rigorous than national accreditation standards. A school’s accreditation status can impact your eligibility for financial aid, ability to transfer credits to other schools, and employability.
When evaluating specific online accelerated MBA programs, the following questions may be helpful:
What specialization options are available? How much flexibility do students have to personalize the curriculum?
How many hours per week of coursework are students expected to complete?
Who are the faculty, and what are their areas of expertise?
How do online students communicate with faculty and classmates?
What hands-on learning opportunities, such as internships or labs, are available to online students?
What is the culture of the business department and the overall institution?
What resources are available for online students, including academic and tech support?
You can likely find the answers to most of these questions by visiting the school’s website or contacting program or admissions representatives. If possible, attend a virtual information session or open house to examine how a program operates. Following a school, business department, or faculty on social media can also provide insight into what students can expect from an accelerated online MBA program.
Step 3: Prepare for tests and applications
Each online accelerated MBA program has its own admissions requirements and procedures, so as you research, keep track of what’s required for each school you want to apply to.
Generally speaking, for an MBA program, applicants must submit:
Programs may want to see applicants with specific undergraduate degrees, coursework, or a certain amount of professional experience. Students may also be required to participate in an interview to confirm that they’re a good fit for the program.
Step 4: Submit your applications
Once you select the school or schools you want to apply to, it’s time to start submitting applications. There’s no “right” number of MBA programs to apply to. Some students apply to a single program based on factors like curriculum or cost, while others may apply to more schools to increase their odds of acceptance.
Be mindful of application deadlines to ensure all your materials are submitted and received by due dates. Particularly for competitive programs, failing to meet deadlines can hurt your chances for admission.
Step 5: Determine how you'll pay for your degree
Throughout the research process, looking at the cost of the programs you’re considering is essential. The school’s financial aid office should be able to provide information on the program’s total cost, including tuition and fees, as well as financial aid options such as loans, scholarships, grants, and discounts.
If you haven’t completed the Free Application for Federal Student Aid (FAFSA), now is the time. Schools use the FAFSA to determine eligibility for federal student loans and other types of aid like scholarships and grants. Even if you’re not planning on using student loans to pay for your MBA, completing this application will allow schools to consider giving you other financial aid forms.
If you plan on working while earning your MBA, find out if your employer offers tuition assistance benefits to subsidize your education. This is an incredibly common benefit, with companies like Deloitte, Apple, and Well Fargo offering tuition reimbursement to students enrolled in eligible programs.
There are many things to consider when choosing an online accelerated MBA or other business-related degree program. You can find additional information and answers to common questions about paying for an MBA, how employers view online degrees, what you can do with an MBA, and more on the following resource pages.
Fast completion time
Pacing and intensity