With the rise of online education, it’s easier (and often cheaper) than ever to earn that degree. The catch? Not all online MBAs are created equal, and some still carry a hefty price tag. So we’ve compiled an editorial list of the most affordable online MBA programs, along with tips to reduce the costs and reasons why this could still be one of the best investments you make in yourself.
University of North Carolina at Pembroke
UNC Pembroke’s online MBA is one of the most affordable AACSB-accredited programs, costing as little as $11,000 for those who live nearby. It offers a variety of concentrations, from financial services to healthcare management, making it a flexible option for students looking for targeted career growth. Plus, you can finish it in as little as one year.
Georgia Southwestern State University
Georgia Southwestern State offers a high-quality education at a fraction of the price of big-name schools, with fees totalling around $10,000. It’s designed with working professionals in mind, and the program offers flexibility while keeping costs low.
West Texas A&M University
Another solid option for those seeking an affordable and reputable degree. The online MBA at West Texas A&M is AACSB-accredited and offers six different concentrations, from healthcare management to marketing. It is priced at an estimated $18,000.
University of the People
The University of the People stands out as the most affordable accredited MBA program in the US. It’s tuition-free, meaning students only pay minimal fees per course, approximately $5,000. It’s an accessible option for those truly looking to minimize cost without compromising on value.
Online MBA programs can vary in price, ranging from $10,000 to upwards of $100,000 for top-tier institutions.
“Do not assume all online MBA programs are the same and understand why there are different price points,” suggests Shelbi Brookshire, assistant dean of MBA admissions at the University of Maryland’s Smith School of Business.
“Invest time in understanding whether the school truly meets the previously mentioned three criteria. One way to learn more is to ask for a connection to current students or recent alumni.”
However, the price tag doesn’t always correlate with the return on investment (ROI). So how can you keep costs low and still walk away with a valuable degree?
Public universities often offer lower tuition rates than private ones, even for online programs. In-state residents get the best deal, but many programs now offer flat rates for online students regardless of residency.
Seek Potential Financial Support from Your Employer
It’s also well worth checking with your employer to see if they offer tuition reimbursement or scholarship programs. Many companies are willing to subsidize your education if you can demonstrate the value it will bring back to the organization.
“We are seeing more students in our online MBA program receiving increasing financial support from their employers,” says Kate Eaton, associate dean for graduate programs at Arizona State University’s W. P. Carey School of Business.
“Employer sponsorship often depends on the employee’s tenure and may come with a stipulation of continued employment. Corporate sponsorship signals an investment in the employee’s growth and promotes loyalty.”
Even for online programs, there are scholarships available. Some schools automatically consider you for merit-based aid upon applying, but it’s worth digging deeper into external scholarship opportunities as well.
A key way to save money is by finishing faster. Some programs allow you to complete an MBA in as little as 12 months, saving you on tuition and the indirect costs of staying in school longer.
If you’re looking for very cheap options, there are programs like University of the People or other state schools that provide a low-cost, fully accredited MBA option.
Programs Could Lead To Boost in Income
The potential ROI for an online MBA is one of the biggest reasons to pursue the degree, and for many students, it still pays off.
Online MBA graduates typically see a significant bump in salary after graduation. According to the National Association of Colleges and Employers, MBA holders can earn 50 percent more than those with just a bachelor’s degree.
“Our online MBA is the same degree with the same rigor as the on-campus programs, just without the commute,” stresses Barbara Bennett Ostdiek, senior associate dean of degree programs at Rice University’s Jones Graduate School of Business. “Online MBA students and alumni have secured promotions at work and transitioned to new positions in different industries.
“One student was promoted from business development engineer to strategic account manager during the program and has since been promoted to project development manager.”
Whether you’re eyeing a leadership role or a new industry, the MBA signals management-ready credentials to potential employers. You’ll be able to transition into higher-paying fields like finance, consulting or tech more easily.
Developing an International Network
The MBA is also about who you know. Online programs often connect you with a global cohort, offering the opportunity to build a diverse, professional network that can be invaluable over the course of your career.
And, if you’re looking to launch your own business, an MBA can give you the foundational skills to do so well, from understanding financial models to mastering marketing strategies.
Ultimately, an online MBA doesn’t need to drain your bank account to be worthwhile. There are well-respected, lower-cost programs that can still deliver high returns.
