Most Affordable Online MBA Programs
With the increasing demand for workers with degrees, more and more individuals are choosing to pursue a business degree. There is such a wide variety of degree types, it can be difficult to choose. Individuals who want various career choices often choose an MBA or Master of Business Administration. Aspiring students tend to look for the most affordable MBA programs. Those who really can’t fit attending college full-time into their schedule typically search for the most affordable online MBA programs.
What is an MBA?
The MBA, also known as Master’s in Business Administration and Master of Business Administration is both a professional and a terminal degree chosen by students interested in business administration. One thing that makes the MBA so popular and valuable is that it covers various areas of business administration, including but not limited to:
- Business communication
- Business law
- Applied statistics
- Human resources
- Supply-chain management
The MBA degree offers a curriculum that includes both theory and practical experiences. Upon graduation, the individual is prepared to enter the business world in a higher-level position in an area that interests him or her most.
Who Needs an MBA?
Although the MBA is a valuable degree for anyone, it can be a lot of money, time, and commitment if you’re not interested in business. It’s most needed by someone who wants to work in a business-related field. It may not be quite as useful or beneficial for individuals working in other areas unless they are seeking management or leadership positions. The U.S. Bureau of Labor Statistics (BLS) reports that individuals working in the field of business generally earn higher salaries than those in other fields.
Stats and Facts about MBA Programs
- Of all the online programs available today, the online MBA is the most popular.
- Of all the full-time MBA students, more than 89 percent have at least four years of experience while more than 89 percent of part-time MBA students have at least six years of experience.
- MBA programs teach both hard skills (learned through studies) and soft skills (learned through mental intelligence), and the MBA is an online program that does that.
- MBA programs are taught in various lengths, formats, and types.
- After graduation from an MBA program, 80 percent find work within three months. At high-level schools, this number is even higher, as recent reports from Cornell 2022 grads show.
- MBA students graduating from a highly ranked business school typically earn higher wages than those graduating from a lower-ranked school.
What’s New for 2024
We took away two private universities – Standord and Pepperdine. We added a new number 1 in Louisiana Tech University and a new number 4 from Souther Oregon University and added a School Details section for each school from the Carnegie Classification system. This way, prospective students can look at campus size and research class when making a decision.
15 Most Affordable Online MBA Programs
Looking for the most affordable MBA programs can take time, but it can make all the difference. You want a business school that not only teaches you what you need to succeed in business but also one that meets your career goals, doesn’t take forever, and is affordable.
Earning an MBA can be very expensive; some programs can cost $75K or more. To make it a little easier, we’ve compiled a list of some of the most affordable online MBA programs as well as some information on each school/program.
- School details: Public research university, 11,126 students, located in Ruston, LA
- Admission Requirements: Admission is based on the applicant’s test scores and academic history. No GMAT is required if the applicant has at least a 3.2 GPA in their undergraduate degree. Applicants must have a bachelor’s degree. Students who do have a GMAT of 450 and a GPA of 2.75 will have unconditional admission. Applicants who have a non-business bachelor’s degree must demonstrate the ability to complete graduate-level business courses. If applicants do not meet any of those criteria, they may enroll in a Graduate Certificate in Business Administration and earn at least a 3.2 GPA before applying to the online MBA program.
- Type of MBA: This 30-credit program is a 100 percent online professional program. The program offers concentrations in Marketing and Six Sigma.
- Time to Graduate: Online students can complete this program in two years.
- Cost/Value: Tuition is $475 a credit hour
- What Makes it Affordable? With tuition lower than many, this is a very affordable program. In addition, there are no additional fees with this program.
- School details: Public university, 10,001 students, located in Cape Girardeau, MO
- Admission Requirements: Must have a bachelor’s degree of at least a 3.0 with official transcripts. Students may enter the program with a lower GPA if they have at least 5 years of work experience.
- Type of MBA: This 33-credit program is a fully online program that offers several areas of specialization for their online programs: Accounting, General Management and Health Administration.
- Time to Graduate: This program can be completed in two years, but the school does offer an accelerated option for students interested in graduating even sooner if you pair some of the coursework with your undergraduate degree.
- Cost/Value: $409.50 per credit including fees.
- What Makes it Affordable? The tuition and costs for online students are lower than at many other schools. The school also offers financial assistance, scholarships, a credit for prior life experiences called the Prior Learning Assessment. There are no out-of-state tuition fees as of Fall 2023.
- School details: Public university, 10,203 students, located in Evansville, IN
- Admission Requirements: Applicants must have a bachelor’s degree with a GPA of at least 2.5. Entrance exams are optional.
- Type of MBA: This 30-credit fully online MBA program offers different areas of concentration. These include Accounting, Data Analytics, Healthcare Administration, Human Resources, Marketing and Project Management.
- Time to Graduate: This online program can be completed in less than a year and there are six start dates per year.
- Cost/Value: $12,900 or $430/credit for tuition; Graduates of this program are qualified for several leadership positions in various fields.
- What Makes it Affordable? It has affordable tuition and can be completed in less time than many other programs of this type
- School details: Public university, 5,140 students, located in Ashland, OR
- Admission Requirements: Must have a bachelor’s degree with a GPA of at least a 2.75 (with three years of work experience) or a 3.0. They do not require a GMAT, a specific bachelor’s degree, or any prerequisites.
- Type of MBA: This fully online program takes 16 months to complete. It offers seven areas of concentration as well as a general track.
- Time to Graduate: Students can complete this program in 16 months.
- Cost/Value: $19,350 for the program
- What Makes it Affordable? Not only is the tuition a fraction of the cost of some other online MBA programs, it is also accelerated, which means you can enter the working world with your degree sooner.
- School Details: Public research university, 9,955 students, located in Shreveport, LA
- Admission Requirements: Completed application, bachelor’s degree from an accredited college, GPA from 3.0 to 4.0, and in some cases, a professional resume may be required.
- Type of MBA: This is an online 30-credit program that is completely online. There is no GMAT required. You can choose from one of nine concentrations: Accounting, Finance, Data Analytics, Entrepreneurship and Family Enterprise, International Business, Hospitality and Casino Management, Human Resources, Marketing, and Project Management.
- Time to Graduate: This MBA program can be completed in 10 months.
- Cost/Value: Total tuition cost is $14,370 with the cost per credit hour $479. There is also no out-of-state tuition for this degree.
- What Makes it Affordable? The tuition for this program is 40-50% less than other Online MBA programs. Couple that with the speed of the program, and you can be earning an MBA-level salary more quickly than if you earned your degree at another institution.
- School details: Public university, 10,036 students, located in Canyon, TX
- Admission Requirements: Applicants must have a bachelor’s degree and must submit their official transcripts. They must also submit letters of recommendation and statement of goals. A GMAT waiver is offered to some students.
- Type of MBA: This is a fully-online 31-credit program aimed at full-time employed professionals who want to continue working while earning the degree. It teaches students four areas: business integration, professional communication, business environment, and leadership.
- Time to Graduate: The online MBA program can be completed in two years, but students have up to six years to complete.
- Cost/Value: $500 or less per credit hour
- What Makes it Affordable? This highly ranked program is affordable due to its lower tuition and various payment options.
- School details: Public research university, 16,450 students, located in Lafayette, LA
- Admission Requirements: Completed application, bachelor’s degree with official transcripts, GPA of at least 2.75, resume, and letters of recommendation. Applicants with a 3.0 or higher GPA are waived from some of the requirements.
- Type of MBA: This 100 percent online MBA program offers eight different areas of concentration as well as an MBA in Healthcare Administration.
- Time to Graduate: With eight-week accelerated courses, students can complete this program in 15 months.
- Cost/Value: $387.88 per credit; Total tuition for an online MBA is $12,800. The total tuition for an online MBA in Healthcare Administration is $15,127.32. These are considered package-priced programs for the school.
- What Makes it Affordable? In addition to affordable tuition rates, the school offers financial aid. Students can choose the per-credit option or the package price.
- School details: Public university, 12,582 students, located in Cedar City, UT
- Admission Requirements: Bachelor’s degree with a 2.5 GPA, and official transcripts from all schools attended
- Type of MBA: SUU’s fully online MBA program is a 33-credit program that offers a general track as well as five areas of concentration. It consists of seven-week courses.
- Time to Graduate: Full-time students can graduate in one year.
- Cost/Value: Total tuition is $16,005.
- What Makes it Affordable? The program is online, which can save costs. Students can save more money through the college’s scholarships and financial aid programs, and the speed of the program also saves money in the long run.
- School details: Public research university, 11,958 students, located in Huntington, WV
- Admission Requirements: Applicants should have a bachelor’s degree from an accredited college and must submit official transcripts. Students must have either a 3.0 GPA on a 4.0 scale or a 2.5 GPA with two letters of recommendation.
- Type of MBA: This online MBA is offered with multiple concentration options in Supply Chain Management, Military Management, Health Care Management, Accounting, Finance and Management.
- Time to Graduate: This 36-credit program takes about two years to complete.
- Cost/Value: The cost per credit hour is $559 including fees but goes down to $450/hour if you attend full-time.
- School details: Public university, 16,497 students, located in Troy, AL
- Admission Requirements: Completed application, official transcripts, and letters of recommendation; Test scores are not required.
- Type of MBA: The MBA program at Troy University offers a concentration in general business. Students must complete 31 credits to complete the program.
- Time to Graduate: Students with a bachelor’s degree who attend full-time can complete the online MBA in one year. Part-time students can finish in 18 to 36 months.
- Cost/Value: $388 to $475 per credit
- What Makes it Affordable? It not only has affordable tuition but is also offered as a flex program and a hybrid program, both of which can save students money.
- School details: Public research university, 14,606 students, located in Hattiesburg, MS
- Admission Requirements: Applicants must have completed all required prerequisite courses and must submit a resume, letters of recommendation, statement of purpose, cover letter, and a completed application.
- Type of MBA: This 30-credit program is 100 percent online and requires completion of courses in financing, statistics, and accounting.
- Time to Graduate: This online program can be completed in one to three years depending on the student’s commitment and time.
- Cost/Value: $535.12/credit hour
- What Makes it Affordable? The school offers scholarship opportunities as well as first-time student bonuses.
- School details: Public university, 5,212 students, located in Montgomery, AL
- Admission Requirements: Applicants must submit test scores unless they have a graduate degree or an undergraduate GPA of 3.0. Other requirements include letters of recommendation, resumes, personal statements, and official transcripts from all schools attended. Applicants should have at least two years of work experience.
- Type of MBA: This 31-credit fully online MBA program offers the same curriculum, instructors, and resources available to on-campus students. Graduates of this program are prepared to join the business world in leadership positions.
- Time to Graduate: The average time to complete this program is 31 months, although students can take up to six years.
- Cost/Value: $950 per credit hour
- What Makes it Affordable? The school offers students the chance to earn dual degrees in less time and for less money. Being a 100 percent online program saves students money on fees and costs.
- School details: Public university, 2,999 students, located in Cleveland, MS
- Admission Requirements: Bachelor’s degree, GPA of 2.75, or four years of professional work experience
- Type of MBA: This 30-credit program is offered as both a fully online program and a hybrid program, which combines both on-campus and online courses. The program offers four areas of concentration.
- Time to Graduate: Students can finish this program in two years.
- Cost/Value: $4,217.50 per semester
- What Makes it Affordable? The program offers tuition that is very competitive with other colleges. The ability to complete the program at their own pace can save students money, and applications are accepted year-round.
- School details: Public university, 5,530 students, located in Odessa, TX
- Admission Requirements: Applicants must have a bachelor’s degree with a GPA of at least 2.5, or they must submit GRE or GMAT scores. They must have two letters of recommendation.
- Type of MBA: This is a fully online 30-36 credit program that allows students to set their own schedule and learn at their own pace. The curriculum consists of core courses, electives, and courses based on the student’s area of interest.
- Time to Graduate: This program can be finished in as little as one year.
- Cost/Value: Tuition is $11,729 to $14,075. This high-value program has an affordable price with no out-of-state tuition rates.
- What Makes it Affordable? This online program has an acceptance rate of 99 percent. They offer flexible payment options as well as scholarships and financial aid. Combined with their rolling admissions and start dates, students don’t have to wait to start their new career. Students enrolling for Spring 2024 will also receive a $500 scholarship toward their first course.
- School details: Private research university, 32,718 students, located in Boston, MA
- Admission Requirements: Bachelor’s degree from a four-year school; official transcripts, resume, essay, letters of recommendation; proof of English proficiency, and relevant work experience
- Type of MBA: This is a fully online program that offers synchronous and asynchronous courses that cover all areas of business.
- Time to Graduate: Full-time students can earn an MBA in two years.
- Cost/Value: The cost of the entire program is $24,000 or $12,000 per year.
- What Makes it Affordable? The tuition is lower than for on-campus students, and students can network with more than 330,000 BU alumni. Online students have access to on-campus resources. While costlier than other programs on our list, this is the only private university to make our ranking for their commitment to accessibility.
Getting started with an MBA is a big step. Choosing an affordable option can take off a lot of the financial stress, so you can focus on getting a job and using your degree once you graduate. Many of the listed schools are Tier 1 research institutions, so you can enjoy a quality education at an affordable rate.
Research taken from the Carnegie Classification of Institutions of Higher Education.