Most Affordable Online MBA Programs 2023
An online Master’s in Business Administration (MBA) degree can cost upwards of $10,000 per semester, but luckily that’s not always the case. Forty-one of the fifty-nine affordable online MBA programs on our list have base costs of less than $10,000 and cover concentrations from Finance to Agri-business to IT Management and more.
An MBA provides students with the knowledge, skill sets, and experience that make them desirable candidates for the most competitive of positions.
If you’re thinking of becoming an MBA student, you may want to look at online programs. Benefits include cheaper tuition, flexible scheduling, multiple start dates, a self-paced curriculum, mobility, and interactive learning tools. The schools on our list offer the cheapest online MBAs that can be completed from anywhere in the world.
American Public University offers one of the most unique, affordable online MBA programs with a focus on Homeland Security Resource Allocation. For those looking for multiple concentrations from which to choose, Fort Hays State University, Oklahoma State University, and Liberty University offer many options.
As the tuition fee and expenses change, we advise you to check with each university for actual costs. All listed costs are estimates based on the most recent information of tuition rate and fees from each school or the school’s website.
Without further adieu, here are the most affordable online MBA programs for 2023.
Featured Online MBA Programs
Learn about start dates, transferring credits, availability of financial aid, and more by contacting the universities below.Cheapest Online MBA Programs 2023
#1 Cameron University School of Graduate and Professional Studies
Lawton, Oklahoma
Tuition: $4,590
Credits: 33-45
Cameron University School of Graduate and Professional Studies is a top-tier secondary education and is a great choice for prospective students. The university is dedicated to helping you become the best MBA graduate and the best you. The school strives to provide excellence to every online MBA student in teaching, leadership, mentoring, and community outreach. This degree is perfect for those working or recent bachelor’s degree graduates who are looking to gain an advantage over other candidates in this competitive field. The faculty that will be teaching you, have many years of working in the business world. The experience you gain here will help you stand out amongst competitors which will be helpful.
#2 Georgia Southwestern State University School of Business Administration
Americus, Georgia
Tuition: $4,892
Credits: 30
Georgia Southwestern State University’s online MBA program is accredited by AACSB-International. The the Association to Advance Collegiate Schools of Business. GSSU was ranked in the 2022 issue of U.S. News and World Report #101 in Regional Universities South, #95 in Top Performers on Social Mobility, and #48 in Top Public Schools. Georgia Southwestern State University educates students through a combination of expertise from world-class faculty and real-world experience within your communities. You’ll learn the ethics, values, and multicultural influences that affect our market today. Admission into this program is competitive making it a more lucrative program to be accepted into and worthy of every MBA candidate to look into.
#3 Southeastern Oklahoma State University John Massey School of Business
Durant, Oklahoma
Tuition: $5,040
Credits: 36
Southeastern Oklahoma State University is dedicated to providing quality higher education. By providing excellent teaching, challenging academic programs, and extracurricular experiences, students develop skills and habits such as career preparation, responsible citizenship, and lifelong learning. One of the exceptional programs offered at SOSU is its online MBA program. Students can choose between several different areas to study including general business, accounting, entrepreneurship, management, healthcare information systems, marketing, and human resources. You’ll be taught by experts in the field of business and learn how to become a leader in an array of different roles and occupations. You can graduate in as little as 12 months and begin your career before any other graduate.
#4 Eastern New Mexico University College of Business
Portales, New Mexico
Tuition: $5,351
Credits: 30
Eastern New Mexico University’s online MBA program is regionally accredited by the Association to Advance Collegiate Schools of Business. U.S. News and World Report rank the Eastern New Mexico University College of Business in their Regional Universities West Rankings, the institution also ranked #52 in Top Performers on Social Mobility by U.S. News and World Report. ENMU has received numerous state, regional, and national awards. Eastern New Mexico University’s online MBA program is run by business professionals who are prepared to teach you finance, entrepreneurship, marketing, and business research. Earning an MBA at ENMU will shape your future and create a lifetime of opportunities for advancement. Graduates have gone on to be human resource specialists, business operations specialists, business owners, and management analysts.
#5 Fayetteville State University School of Business and Economics
Fayetteville, North Carolina
Tuition: $5,835
Credits: 36
Fayetteville State University’s online MBA program is regionally accredited. This award-winning online MBA program was recently tied for the #78 spot on U.S. News and World Report’s Best Online MBA Programs rankings. This uniquely designed MBA program offers a multitude of concentrations to ensure individuals are studying their business interests. These concentrations include business intelligence/data analytics, entrepreneurship, finance, general business, healthcare management, international business, management, marketing, project management, and supply chain management. Each concentration is flexible to your needs so you won’t have to give up your career while advancing your knowledge.
#6 Fitchburg State University Business Administration Department
Fitchburg, Massachusetts
Tuition: $6,012
Credits: 30
Fitchburg State University ranks #85 in Regional Universities North, #38 in Best Value Schools, and #24 among Top Public Schools according to U.S. News and World Report. According to GradReports.com, 95% of student reviewers recommend this school, and 67% said their Fitchburg degree improved their career. Earning an MBA online from Fitchburg State University has never been easier and provides a freedom that other universities can’t. This MBA degree offers 8 different concentrations a few being, accounting, healthcare management, human resources management, management, marketing, and supply chain management. Students can complete their studies in as little as 12 months, meaning they’ll graduate and kick-start their career. For those wanting a valuable investment, they choose Fitchburg State University.
#7 Texas A&M University Texarkana College of Business, Engineering, and Technology
Texarkana, Texas
Tuition: $6,016
Credits: 30
Texas A&M University Texarkana is “dedicated to admitting a diverse group of highly-qualified students through recruitment efforts, campus tours and events, admission processing, and transitioning students into the Eagle family.” The online MBA program at Texas A&M University Texarkana has a few concentrations for graduates to choose from including an MBA in Energy Leadership, MBA in Information Technology, and an MBA in Supply Chain Management. This program provides work with local businesses and communities that will aid in real-life learning. Students will be challenged and encouraged in ways that will make them stand out amongst other candidates within this competitive field.
#8 Chadron State College School of Business, Entrepreneurship, Applied, and Mathematical Sciences and Sciences
Chadron, Nebraska
Tuition: $6,077
Credits: 24
With values of accessibility, collaboration, diversity, innovation, integrity, and student engagement it’s no wonder that Chadron State College is one of the best schools to earn an online MBA degree. Chadron State College holds a strong mission statement to, “continue as a learner-centered institution. We are committed to students through our focus on continuous improvement and excellence in teaching, applied scholarship, and service.” No GMAT is required upon admission and degree length varies between 24 months and 18 months. While attending the program you’ll take courses in managerial accounting, corporate finance, business strategy, marketing management, high-performance leadership, organizational behavior, and the legal/social environment of business. Feel confident continuing your career and becoming a stronger leader.
#9 Texas A&M University Kingsville College of Business Administration
Kingsville, Texas
Tuition: $6,157
Credits: 30
Texas A&M University–Kingsville’s online MBA programs are not accredited by the Association to Advance Collegiate Schools of Business while the school itself is accredited by ACBSP. This online MBA program recently ranked in the #121 spot on U.S. News and World Report’s Best Online MBA Programs rankings. U.S. News and World Report also ranked the university #75 in Top Performers on Social Mobility. Accounting, business administration, economics, finance, information systems, management, and marketing are some of the concentrations they offer. Depending on the subject of choice students will take differing courses, a few of these courses consist of, advanced auditing, energy finance, fundamentals of cybersecurity, global strategic management, and negotiations.
#10 Arkansas State University Neil Griffin College of Business
Jonesboro, Arkansas
Tuition: $6,422
Credits: 33
Arkansas State University has been bringing higher education to students for 100 years and is continuing to expand and become a stronger university through research, outreach, and community involvement. This online MBA program is a flexible and challenging program that helps students achieve greater potential. For students looking for a concentration, their MBA degree offers two emphases in supply chain management and finance. Participating in the online version of this program will prepare you for a growing technology-driven field. No matter which concentration is chosen students will be required to take classes in the legal environment of business, business statistics, business finance, operations management, principles of microeconomics, principles of macroeconomics, and intro to managerial accounting. Upon graduation, you’ll have gained a better understanding of being a leader preparing you to take on your next professional position.
#11 Southeast Missouri State University Donald L. Harrison College of Business
Cape Girardeau, Missouri
Tuition: $6,611
Credits: 33
Southeast Missouri State University has over 10,000 students. For those looking for a master’s in business administration but want a specialization, Southeast Missouri State University is the school to attend while earning an MBA. At SMSU college of business, they offer a variety of concentrations. These concentrations include MBA in Accounting, MBA in General Management, and an MBA in Health Administration. No matter which concentration is chosen you’ll learn the foundational aspects of business administration, you’ll be taught by professionals in your field of interest, and you’ll gain hands-on experience, and practice sales, marketing, organization, leadership, finances, and an array of other skills. Earning a master’s has never been easier. Begin your future and excel in your career.
#12 University of Texas Permian Basin College of Business and Engineering
Odessa, Texas
Tuition: $6,727
Credits: 30-36
The University of Texas of the Permian Basin’s online MBA program is ranked 24th in Top Public Schools, 38th in Best Value Schools, and 55th in Regional Universities West by U.S. News and World Report.The University of Texas of the Permian Basin prepares strong-thinking individuals for the business world. UTPB prides itself on maturing leaders who can flourish in any form of business or corporation setting. Admission into this top-tier program involves keeping a GPA of at least 3.25 and upon a good score on your Graduate Management Admission Test. Online students will take core courses that include accounting analysis, financial management, organizational behavior, and marketing management. It is one of the most affordable MBA programs on our list.
#13 University of Central Arkansas College of Business
Conway, Arkansas
Tuition: $6,773
Credits: 30
An online master’s of business administration from UCACB has six specialties to choose from including a general MBA, information management, finance, international business, healthcare administration, and data analytics. Each program is approximately 30 hours long or 10 courses. After your required courses are finished you’ll have the choice of choosing electives such as bank management, project management, nutritional services administration, health promotion interventions, prescriptive analytics, principles of information security, small business finance, and so much more.
#14 Valdosta State University Harley Langdale, Jr. College of Business Administration
Valdosta, Georgia
Tuition: $6,784
Credits: 30
With a Valdosta State degree, you’ll learn to be an economic competitor in the professional world through your hands-on education. You’ll get training on things like trading and management, as well as leadership and healthcare administration. This knowledge can help you go beyond the classroom, where you’ll trade real money and start working with other professionals more experienced than yourself. The Langdale College of Business Administration is ranked as one of the best in the world staying within the top 5% worldwide, and their AACSB-accredited accounting department is ranked highly being among the top 2% in the world. Begin your MBA journey at Valdosta State University. Explore the college to find your fit, and end your college search with them.
#15 West Liberty University Gary E. West College of Business
West Liberty, West Virginia
Tuition: $6,786
Credits: 30
West Liberty University is West Virginia’s oldest institution and has been providing valuable education since 1837. The Master of Business Administration program at West Liberty University is an accelerated program and can be completed in 12 months. You’ll take 10 courses with each course taking approximately 7 weeks to complete. This master’s program has 3 concentrations to choose from management, accounting, and healthcare management. This MBA program will challenge you and enhance your business competencies so you can thrive as a strategic professional. With each concentration, you’ll take courses in Global Economics, Social Responsibility/Business Ethics, Strategic Human Resource Management, and Information Technology Management.
#16 Missouri State University College of Business
Springfield, Missouri
Tuition: $6,858
Credits: 34
Missouri State University College of Business has been providing top-tier higher education to individuals across the globe for decades. MSU College of Business has designed its Master of Business Administration program based on the growing demands of the business field. In this online master’s program, you’ll become skilled in critical thinking, multi-disciplinary problem solving, how to work effectively in teams, and gain valuable knowledge in current theory and applications of business. Missouri State University College of Business will give you the tools and experience needed to graduate with the leadership skills that employers will be looking for. Admission into this MBA program is competitive and on a rolling basis, but it’s advised to apply as early as possible as seats fill up quickly. To be accepted you’ll need to submit your graduate application, a professional resume showing related work experience, official GMAT or GRE score, and any other previous transcripts showing your academic performance. This program is competitive but graduates will agree that the knowledge earned was worth the work.
#17 Southern Arkansas University David F. Rankin College of Business
Magnolia, Arkansas
Tuition: $6,894
Credits: 30
Southern Arkansas University has the vision to offer, “quality, comprehensive” education to individuals across the nation. Southern Arkansas University offers a unique 4+1 program for business majors that gives students an opportunity to complete their BBA and MBA programs together and be done in 5 years. If you enjoy being involved you can join organizations such as Emerging Entrepreneurs, the Finance and Economics Society, and the Business Student Investment Advisory Council. You’ll also enjoy participating in guest lectures and speeches and be involved in traveling to financial institutions in cities like New York and Chicago. The goals accomplished in this master’s degree are that graduates will communicate effectively, graduates are socially responsible citizens, graduates will be able to think critically, and solve problems and graduates will use technology effectively in the business field. You’ll graduate with the experience necessary to be successful in the competitive business world.
#18 Ashland University
Ashland, Ohio
Tuition: $6,972
Credits: 30
When you’re balancing the demands of family, work, and education, flexibility is key. Ashland University’s MBA program can be done at your own pace, in your own time, and allow you to choose the content that you want to study. The curriculum of the MBA program is structured into 30 credit hours, at minimum. You can also do an accelerated curriculum over 6 sessions that spans just under 12 months if accepted into the program. Ashland offers an MBA program in a part-time format. The average time to complete the program is then two years. The U.S. News and World Report ranked Ashland University #38 in Best Colleges for Veterans, #50 in Best Value Schools, and #82 in Regional Universities Midwest. A few of the concentrations offered include an MBA in sports management, an international MBA program, and a healthcare MBA focus.
#19 American Public University Dr. Wallace E. Boston School of Business
Charles Town, West Virginia
Tuition: $7,050
Credits: 33
American Public University’s Master of Business Administration program prepares you for the global business world and its constantly changing environment. The program is a 39-credit degree and up to 15 credits can be transferred. Each credit costs $370 unless you’re in the military and have received a military grant then each credit is $250. This master’s of business administration program is unique from all the others because each student has to choose a concentration and the university offers 18 concentrations for students to choose from. A few of these concentrations include sports management, leading the digital workplace, global business management, government contracting, event planning, cybersecurity, analytics, finance, and a multitude of other specializations.
#20 Northwest Missouri State University Melvin D. and Valorie G. Booth School of Business
Maryville, Missouri
Tuition: $7,063
Credits: 30
Northwest Missouri State University is a military-friendly institution that’s student-centered and encourages active lifelong learning. A master’s in business administration from NMSU has 5 concentrations. They include Business Analytics, General Business Administration, Management, Human Resource Management, and Marketing. This program can be completed in as little as 12-18 months and is a 30-credit hour degree. Each program is taught by highly qualified professionals with years of experience. Entrepreneurship, communication, international business, marketing, and human resources are important at NMSU. This master’s program is accredited by the Global Business Accreditation.
Honorable Mention
Texas Southern University Jesse H. Jones School of Business
Houston, Texas
Texas Southern University was founded in 1927 on the values of student success and lifelong learning. Texas Southern University offers an extensive online Executive Master of Business Administration program. This program will prepare you to lead large organizations and grow skills in communication, critical thinking, integrity, creativity, and strong teamwork skills. Admission into the MBA online program is given to individuals who complete their application, pay an application fee, submit official transcripts, show a professional resume, submit a statement of purpose, and finally include at least two strong letters of recommendation.
University of Sioux Falls Vucurevich School of Business
Sioux Falls, South Dakota
The institution has a vision that “The University of Sioux Falls will be a transformative university committed to academic excellence and celebration of the Christian faith.” Gain real-world experience in the Master of Business Administration program at the University of Sioux Falls. Each career path chosen can be customized to meet your needs and amplify your interests. The University of Sioux Falls wants to help you excel further in your career and increase your potential. This master’s program stands out because it’s flexible offering 100% online classes in a 21-month track, you’ll have personal attention from professors in smaller class sizes, and its total tuition is highly affordable. A few of the classes you’ll be taking include managerial communications, cost management, financial planning, commercial law, negotiations, empowering others, and leading by serving amongst other classes. Graduates have gone on to be leaders within their companies and organizations making changes within their communities.
Full List of Cheapest Online MBA Programs 2023
| School | AVERAGE GRADUATE STUDENT TUITION AND FEES |
| Cameron University School of Graduate and Professional Studies – Lawton, Oklahoma | $4,590 |
| Georgia Southwestern State University School of Business Administration – Americus, Georgia | $4,892 |
| Southeastern Oklahoma State University John Massey School of Business – Durant, Oklahoma | $5,040 |
| Eastern New Mexico University College of Business – Portales, New Mexico | $5,351 |
| Fayetteville State University School of Business and Economics – Fayetteville, North Carolina | $5,835 |
| Fitchburg State University Business Administration Department – Fitchburg, Massachusetts | $6,012 |
| Texas A&M University Texarkana | $6,016 |
| Chadron State College School of Business, Entrepreneurship, Applied, and Mathematical Sciences and Sciences – Chadron, Nebraska | $6,077 |
| Texas A&M University-Kingsville College of Business Administration – Kingsville, Texas | $6,157 |
| Arkansas State University | $6,422 |
| Southeast Missouri State University Donald L. Harrison College of Business – Cape Girardeau, Missouri | $6,611 |
| University of Texas Permian Basin College of Business and Engineering – Odessa, Texas | $6,727 |
| University of Central Arkansas College of Business – Conway, Arkansas | $6,773 |
| Valdosta State University Harley Langdale, Jr. College of Business Administration – Valdosta, Georgia | $6,784 |
| West Liberty University Gary E. West College of Business – West Liberty, West Virginia | $6,786 |
| Missouri State University College of Business – Springfield, Missouri | $6,858 |
| Southern Arkansas University David F. Rankin College of Business – Magnolia, Arkansas | $6,894 |
| Ashland University | $6,972 |
| American Public University School of Business – Charles Town, West Virginia | $7,050 |
| Northwest Missouri State University Melvin D. and Valorie G. Booth School of Business – Maryville, Missouri | $7,063 |
| University of Sioux Falls Vucurevich School of Business – Sioux Falls, South Dakota | $7,110 |
| University of North Alabama College of Business – Florence, Alabama | $7,140 |
| Texas A&M University-Corpus Christi College of Business – Corpus Christi, Texas | $7,179 |
| Texas A&M University-Commerce College of Business – Commerce, Texas | $7,338 |
| Louisiana State University Shreveport | $7,349 |
| Tarleton State University College of Business Administration – Stephenville, Texas | $7,669 |
| Texas Woman’s University School of Management – Denton, Texas | $7,704 |
| Western Governors University | $7,790 |
| Louisiana Tech University College of Business – Ruston, Louisiana | $7,959 |
| University of North Texas College of Business – Denton, Texas | $8,256 |
| Southern Utah University School of Business – Cedar City, Utah | $8,294 |
| Governors State University College of Business – University Park, Illinois | $8,320 |
| Texas Southern University | $8,328 |
| The University of Texas Rio Grande Valley | $8,333 |
| Lamar University College of Business – Beaumont, Texas | $8,411 |
| Jackson State University College of Business – Jackson, Mississippi | $8,445 |
| Emporia State University School of Business – Emporia, Kansas | $8,532 |
| University of Houston-Victoria School of Business Administration – Victoria, Texas | $8,665 |
| Oklahoma State University Spears School of Business – Stillwater, Oklahoma | $8,672 |
| Mississippi State University College of Business – Mississippi State, Mississippi | $8,910 |
| Edwardsville School of Business – Edwardsville, Illinois | $9,316 |
| University of Maine Business School – Orono, Maine | $10,014 |
| Minnesota State University Moorhead Paseka School of Business – Moorhead, Minnesota | $10,062 |
| Ball State University Miller College of Business – Muncie, Indiana | $10,144 |
| University of Southern Indiana Romain College of Business – Evansville, Indiana | $10,384 |
| Jacksonville State University College of Commerce and Business Administration – Jacksonville, Alabama | $10,600 |
| Missouri Baptist University | $10,670 |
| Frostburg State University College of Business – Frostburg, Maryland | $10,788 |
| Tennessee Technological University College of Business – Cookeville, Tennessee | $11,762 |
| West Chester University of Pennsylvania College of Business and Public Management – West Chester, Pennsylvania | $11,762 |
| Shippensburg University John L. Grove College of Business – Shippensburg, Pennsylvania | $11,970 |
| Western Illinois University College of Business and Technology – Macomb, Illinois | $12,182 |
| Radford University College of Business and Economics – Radford, Virginia | $12,535 |
| Prairie View A&M University College of Business – Prairie View, Texas– | $12,685 |
| Oral Roberts University College of Business – Tulsa, Oklahoma | $12,800 |
| University of Alaska Fairbanks School of Management – Fairbanks, Alaska | $12,958 |
| West Texas A&M University College of Business – Canyon, Texas- | $13,185 |
| University of North Dakota College of Business and Public Administration – Grand Forks, North Dakota | $13,217 |
| King University | $14,207 |
| University of Massachusetts Lowell | $15,210 |
| University of Massachusetts Amherst | $16,251 |
| University of Massachusetts Dartmouth | $16,965 |
All You Need to Know About Cheapest Online MBA
Many professionals want to advance their education to higher levels while continuing to work. There are many benefits of attaining advanced education. There are many advanced degree options to consider; the most common one is the master’s degree. An MBA degree or master’s of business administration is a higher level of education attained after a bachelor’s degree. Most people pursue their MBAs after working in the business field for a few years after obtaining their bachelor’s. However, you can enroll in an online MBA degree program immediately after completing a bachelor’s program if you prefer.
There are many MBA programs in which you can enroll. Some allow you to attend online classes, while others require occasional or full-time on-campus studies. Online learning is a popular way to gain your MBA these days. Other than being more economical, it also allows you to engage in other activities and attend classes at your convenience.
Many programs are available; however, finding an affordable online MBA program made for you could be challenging. We offer the following information:
- How to find an online MBA program with the lowest cost
- Importance of accreditation for online MBA program
- Cheap online MBA programs that do not require GMAT scores
- How to save additional money on your online MBA
How To Find An Online MBA Program With The Lowest Cost
Various institutions offer MBA programs in different specializations, making it hard to choose a program that is best suited for you. The nature of specialization and the training offered determines your marketability as a professional. Here are some of the common online MBA programs.
- MBA in Finance and Economics
Finance is one of the most technical areas in business and is in high demand. For these reasons, many professionals advance their education to handle the dynamics involved in this specialty. There are different forms of MBA finance programs available. The most common one is corporate finance. Corporate finance deals with the financial operations of corporate entities. These include government and private organizations. In an MBA finance training program, you will learn about various quantitative and theoretical approaches to managing finances. Various institutions offer online masters in finance programs. Consulting various stakeholders in the finance sector will help you select one that suits you best.
- MBA in Strategy and Operations
The success of corporations depends on the excellence of management. For this reason, many employers in managerial positions must have at least an MBA. For those working for big corporations, the best option is an MBA in strategy and operations. With this MBA, you can be a part of the team responsible for planning company strategies and making expansion decisions. Pursuing an MBA in strategy and operations places you in a better position to rise through the ranks. Most employers look for employees who can be responsible for certain areas of their operations. With this MBA concentration, you can be put in charge of other professionals within your workplace.
- MBA in Marketing
This is one of the most common yet lucrative MBA concentrations you can enroll in. Marketing is the backbone of all profit-making entities. It involves finding new markets and expanding the existing ones for products and services. Having an MBA in marketing sharpens your skills, making you an essential part of the organization you work for. With this MBA, you can venture into private service as a consultant. You will be helping individuals and companies strategize on how best to access the market for their products. Working as an independent consultant is profitable as you deal with more than one client. Additional skills such as efficient communication guarantee a successful career when coupled with this MBA concentration.
- MBA in Entrepreneurship
Entrepreneurship refers to identifying and exploiting business opportunities in various fields. This process requires a set of technical skills that are explored and perfected with an MBA in entrepreneurship. This MBA concentration exposes you to ways in which you can create profitable businesses from available opportunities. Additionally, you get training on how to increase the profitability of a business from available resources. The amount of time it takes to complete this MBA concentration depends on a wide range of factors; the main ones are mode of study and institutional policies. Attaining this MBA major puts you in a position to manage expansion projects. You can also be part of policymaking teams to improve the profitability of the organization you work for.
- MBA in International Business
Thanks to technological development, many organizations carry out business across national and regional borders. The differences in culture and national laws between countries have led to a rise in the need for international business experts. To become one, you need an MBA in international business. This MBA concentration helps you learn how to plan and execute business transactions beyond national borders. Common concepts you will be exposed to include international business law and logistics. Knowing international business law allows you to transact without breaking laws in your region of operation.
There are many other MBA concentrations you can pursue through online platforms. However, the above-named are the most common ones. Before joining an MBA major, you should ensure it is worth your investment. Assessing the amount of time and finances involved in completing the program helps you gauge its profitability. Online MBA programs allow you to attend classes while having other commitments, making it easy to be promoted at your workplace as you don’t have to leave work to attend classes.
There are several factors you should consider when selecting an online MBA concentration. These factors determine how much you will benefit from the MBA. They include:
Marketability of the MBA concentration- One of the main reasons for investing in education is financial gain. Some MBA concentrations are more marketable than others, implying that prospective students are likely to be employed if they pursue a marketable specialization for a working professional. For instance, many corporations are looking to expand operations beyond national borders, an executive MBA in International Business is likely to earn you employment faster. Some fields, such as entrepreneurship, have few professionals due to the technicalities involved. Pursuing such MBA concentrations guarantees employment or promotion at workplaces. However, you should pursue a concentration that matches your interest and abilities.
Cost of the MBA concentration-Financial considerations are essential for every online executive MBA candidate. It’s important to know how much an MBA program costs and how much you are likely to earn after it. Understanding the expenses involved allows you to gauge the profitability of an MBA concentration before enrolling in it. A well-equipped university will charge high tuition fees for online students. However, you will save on rent and commuting expenses by enrolling in an online program. An affordable MBA program will not strain your mental and financial status. However, financial aid is available in cases where you can’t afford to pay for the program. This financial aid includes scholarships, grants, and student loans given by the government and other institutions.
There are many more factors to consider when selecting an online MBA program. However, it is hard to tell the exact conditions of any program without consulting a professional from the same program. There are many ways to know about the quality and suitability of an online MBA program. Thanks to technology, you can read reviews about the program from other MBA candidates in the institution. Good online MBA programs usually attract a higher number of candidates. Additionally, they record high completion and graduation percentages. Such programs are usually classified according to the availability of students.
Importance Of Accreditation for An Online MBA Program
As stated earlier, accreditation is one way through which the government regulates the operations of stakeholders in the field of business. The Association to Advance Collegiate Schools of Business (AACSB) accredits online MBA programs. This organization is responsible for ensuring that professionals receive quality training in the business field. Before enrolling in an online program, you should make sure it has AACSB accreditation. You cannot be licensed to practice as a professional with an MBA from an institution or program that is not accredited.
To be accredited, an institution must be a member of the Association to Advance Collegiate Schools of Business (AACSB). It is the responsibility of the institution to initiate the accreditation process. The institution then submits the MBA program units in need of accreditation to the Initial Accreditation Committee for reviewing. The institution applying for accreditation should contract an AACSB accreditation staff member for evaluation of the facilities available. After a review of the units and facilities, a formal application for accreditation is made.
The applicant institution should submit an application for eligibility through relevant channels to the AACSB. If the training program is for profit, the institution can apply for both business and accounting accreditation. At this stage, the institution pays an accreditation fee to the AACSB. If the application meets all the requirements, it is submitted to the Initial Accreditation Committee for a final decision. After approval, a volunteer AACSB licensed business school administrator mentors the institution. The volunteer mentor should have no conflict of interest and assist in developing the initial self-evaluation report for the institution. The mentor acts as the main contact person between the AACSB and the accredited institution throughout the evaluation period, after which the institution receives formal communication of eligibility.
Although the accreditation process could be cumbersome, institutions should ensure they are accredited for the sake of prospective students. Accreditation has many benefits for students pursuing online MBAs. Some of the main benefits include:
- Marketability
Accreditation indicates that the MBA program meets the required standards set by the government. Students graduating from accredited online MBA programs have a higher chance of getting employed. Employers look for skills to promote or employ workers in their companies. Attending an accredited program at university indicates that you have taken the accepted core courses and have the right set of skills to perform various roles as a working professional in the business field.
- Quality training
One ultimate goal of being in the business field is to venture into private practice at some point. Before accreditation, experts will analyze units to be covered in an MBA program to determine their suitability, guaranteeing that you can apply whatever you learn during the training program in real-life situations. Accredited MBA programs such as MBA in strategies and operations prepare you for life as a business owner in the future.
There are many more benefits of accreditation to the MBA student. Some of these benefits depend on the MBA concentration you pursue, whether it’s business administration or another specialization in an affordable online MBA program.
Cheap Online MBA Programs That Do Not Require Graduate Management Admission Test (GMAT) Scores
There are many online MBA programs you can enroll in and various procedures for starting an online MBA program. The admission process to get into a program depends on the institution’s policies; most involve sitting for the GMAT. GMAT, or Graduate Admission Management Test, is an important admission requirement for many post-graduate degree programs in the business field. The GMAT tests the preparedness of candidates for post-graduate training. During the admission assessment, the student admission committee analyzes GMAT scores and work experience to determine your suitability. While most online programs require GMAT tests, some do not insist on going through the tests before admission. In some cases, you could receive a waiver and gain admittance without meeting the set GMAT threshold score.
When a GMAT score is not needed, you might have to undergo a GRE or General Record Examination. Just like the GMAT, a GRE could have a significant impact on your admission into the online MBA program of your choice. There are differences and similarities between GMAT and GRE tests. The main difference is in the content involved. While GMAT involves multiple-choice questions that test general business knowledge, GRE tests the arithmetic prowess of candidates. However, both tests evaluate a candidate’s ability to read, write, and interpret certain concepts in the business field. In most cases, online MBA programs have no GRE requirement.
Online MBA programs receive many applications from willing candidates. Since the institutions don’t have the facilities to handle all the candidates that apply, they adopt elimination criteria. One of these is administering the GMAT to all applicants for the programs. Only those who attain the minimum score get admission into the program. However, not all programs administer the GMAT tests and use other requirements to determine your suitability for the program. Some of these requirements include:
- Work experience– Some of the aspects asked about in a GMAT are related to professional working life. In the absence of a GMAT, you must provide proof of adequate work experience, which allows the admission committee to gauge whether you can handle the concepts involved in an online MBA program. You could present work experience in the form of a detailed list of places you have worked with roles played in your workplace.
- Advanced degree– You receive an MBA after graduating from undergraduate institutions. To be admitted, you must prove that you completed the minimum academic qualification, in this case, a bachelor’s degree. When applying for an online MBA program, you will be required to provide a copy of your undergraduate degree. A bachelor’s degree forms the foundation for you to understand certain concepts in an MBA program.
- Professional licensing– You need work experience when applying for an online MBA program without a GMAT, and you must have worked as a professional in the business industry. To prove you have this experience, you are required to attach any professional licenses you hold. A license indicates that you have been practicing according to the laws. You can’t get into an MBA program without a valid license. If your license expires at the time of application, you should attach a recommendation letter from your employer. Additionally, you could be required to provide an official letter indicating your application for renewal of the license.
- A personal statement– This is a written explanation of why you should be accepted into the MBA program. In most cases, you must give your desired research topic in a personal statement. However, the main reason for this requirement is to give the admission committee information about who you are. You can outline your hobbies and likes in the personal statement as well.
Many online programs don’t require GMAT scores. Choosing one that is best suited for you could be challenging. However, reading about the programs online will help you identify one that is best for you. Print media, such as magazines and journals, are also great sources of information about MBA programs without GMAT requirements.
How To Save Additional Money On Your Online MBA
Financial considerations are essential when choosing an online MBA program. Many factors affect how much you spend to earn an MBA. One of the main ones is the MBA concentration you pursue. Technical concentrations are more expensive since institutions invest a lot to facilitate tutoring. The main expense in every online MBA program is the tuition fee. The tuition rate varies depending on the institution and online master’s degree program one enrolls in. Enrolling in well-equipped institutions means you will pay more tuition fees. In cases where you find it hard to finance your online MBA program, you can apply for student financial aid.
There are many organizations offering scholarships to exemplary students in different online MBA programs. The process of getting the scholarships varies depending on the scholarship organization and the MBA concentration you pursue. To get one, you must submit a written application either physically or through an email. A selection committee then reviews the application to determine your eligibility. The requirements when writing an application vary depending on the nature of the scholarship. However, some conditions are standard in all scholarship applications. Such requirements include:
- Personal information- When giving out scholarships, organizations need to have details of all the beneficiaries as it allows them to follow up on the suitability of the program in availing education opportunities to financially disadvantaged students. You might be required to provide your name, address, financial statements, among others. Financial statements gauge your financial status as an MBA student and whether you need the scholarship or not. To get a clear picture of the information required, you can visit scholarship websites for the organization you apply to.
- Proof of admission-Scholarships are given to candidates who have already been admitted to a program. As part of your application, you need to attach a letter of admission from your online MBA program, which assures the scholarship organization that the funds given out will be used for the right purpose.
- Recommendation-Recommendations are essential when applying for scholarships. These are written comments about your behavior by a trusted third party. Most scholarship organizations require recommendation letters from your previous schools or any other significant person that can comment on your character.
There are many other requirements you might be subjected to when applying for scholarships. Before applying, you should ensure the scholarship is for people on the same educational path as you. Some scholarships are specifically for people in on-campus MBA programs. Applying for such scholarships will be in vain if you are in an online MBA program.
Other than scholarships, there are many other forms of financial aid you can apply for to offset your online MBA expenses. These include student loans and grants. Student loans attract a certain amount of interest depending on the institution giving them out. Grants are mostly given out by the government. Grants are monetary aid given to students to offset their expenditures while at school and are not repaid. However, grants are not common for post-graduate students since most of them are employed and can finance their online MBA program expenses.
In Summary
One of the easiest and most economical ways of advancing your studies is through online MBA programs. There are many MBA concentrations that you can enroll in, depending on your preferences. The MBA concentration you choose determines your marketability; hence affects your lifetime earnings as a professional. Online MBA programs make it easy to get a promotion since you can continue working while taking classes. One of the most profitable concentrations to major in is MBA in international business. With the increased trade volumes across national borders, many companies are looking for experts to facilitate international transactions.
Other than marketability, the credibility of an online MBA program is a key aspect to look into when choosing a program. Pursuing an accredited MBA program increases your employability as it shows you have received quality training. The AACSB is the main body in charge of accrediting academic programs in the business field. To check whether a program is accredited, you can visit AACSB’s official websites or request information from the institution offering it.
You might have to take several tests before being admitted into an MBA program. These tests include the GMAT and GRE, which test your understanding of various aspects of the business field. In some cases, you might not have to sit for the tests when applying for an online MBA program. However, other requirements, such as work experience, could be used to determine your suitability.
Sources:
http://www.enmu.edu/college-of-business/master-business-administration
http://mba.uncfsu.edu/program/
https://www.enmu.edu/greyhound-gazette/enmu-news/features/286-state-regional-national-recognition
http://www.tamuk.edu/cba/About_the_College/Accreditation_documents/Timeline_Update.pdf
https://gsw.edu/academics/schools-and-departments/school-of-business-administration/mba-program
http://www.utpb.edu/cobe/graduate/master-of-business-administration-online
http://www.nwmissouri.edu/graduate/mba/online.htm
http://www.fitchburgstate.edu/academics/graduate-online-continuing-education/mba/
http://www.tarleton.edu/degrees/masters/mba-business-administration/
