A Master of Business Administration degree, referred to commonly as an MBA, is a versatile degree that can lead to careers in a wide range of industries. Earning an MBA can significantly increase a professional’s salary potential and promotion prospects. In fact, many business jobs have salaries that exceed six figures.
But, while there is a higher potential for earnings with this type of degree, the reality is that many MBA programs can be expensive — tuition and fees can easily exceed $100,000 in these programs. Luckily, there are plenty of affordable online master’s degree in business programs through both large and small colleges, which allow you to receive a quality education without the extremely high costs associated with other programs.
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Top 10 Most Affordable Online MBA Programs of 2021
At Best Value Schools, we help students of all ages get the best possible value for their education. When choosing the best schools and programs, we prioritize tuition rates, student debt, financial aid opportunities, graduation rates, and the availability of online programs.
We source unbiased data from government and educational databases like the National Center for Education Statistics and the U.S. Bureau of Labor Statistics for 6,374 schools across the U.S. We organize that data into five weighted categories to compile our school rankings.
Metric
Data Used
Percentage
Academic Quality
Full-time faculty percentage, student-to-faculty ratio, student retention and graduation rates
25%
Affordability
Tuition rates, median student debt, and financial aid
35%
Reputation
Admission and enrollment rates
15%
Program Offerings
Number of program options
10%
Online Enrollment Score
Portion of learners taking at least one online course
15%
You can read more about our comprehensive evaluation process on our methodology page.
Have Questions About Affordable Online MBA Programs? We Have Answers
What is an MBA?
An MBA is a professional degree for current and aspiring business leaders. Degree-seekers gain new skills and often qualify for salary and career advancement. MBA curricula include coursework in management and several business-related disciplines.
Can I earn an MBA online?
Yes, students can complete their master’s degree in business online, on campus, or through a hybrid model. Online programs can be ideal for working professionals who need flexible scheduling options.
How long does it take to earn an MBA?
Online MBA programs typically take about two years to complete. However, accelerated programs may offer condensed timelines. Part-time programs may take more than two years.
What is the difference between an MBA and a master’s degree in business?
MBA degrees are generally more versatile, practice-oriented, and expensive than other business master’s degrees, which often involve specialized research. Most MBA programs also include more interdisciplinary coursework.
What is an executive MBA?
Professionals with at least five years of business leadership experience can pursue an executive MBA (EMBA). Often funded by the student’s employer, EMBA programs usually offer Friday, weekend, or online courses to accommodate professional schedules. Learners typically graduate in two years.
Degree Requirements
The requirements for each online master’s in business program will vary, but in general, you’ll need a bachelor’s degree in business or a similar field to apply to an MBA program. When you apply, you’ll also likely have to provide letters of recommendation and scores from either the GRE or GMAT. Each school will have its own undergraduate GPA and exam scores. Some schools may also require work experience.
To graduate with your MBA, most online programs require anywhere from 52-62 credits of coursework. You’ll likely need to complete a set of core courses, as well as specialized courses more closely related to your concentration.
Online MBA Courses
Most affordable MBA online programs require 52-62 credits of coursework, during which learners hone advanced management and leadership skills. MBA curricula typically include advanced courses in key business disciplines such as accounting, finance, marketing, and economics. Other core course topics may include business communications, business law, and business ethics.
Depending on their concentration, MBA students may take specialized courses in international business, sports management, and real estate management. Online MBA programs usually incorporate a capstone project or internship experience that allows enrollees to practice analysis, leadership, and communication skills. Although courses vary by program, many online MBA programs feature the courses below.
Foundations of Teamwork and Leadership
Learners often take this core course early in their MBA program. Students learn how to understand organizational culture, design work teams, and ensure effective team performance. This crucial course often emphasizes experiential learning, and students typically complete team projects to develop collaboration and leadership skills.
Managing Emerging Enterprises
Sometimes part of a concentration, this course prepares learners to manage a new organization seeking to enter the market and scale quickly. Enrollees acquire skills and strategies for developing organizational processes and acquiring human and social capital.
Financial Accounting for Decision-Makers
This core MBA course teaches degree-seekers to prepare and analyze financial statements. Enrollees learn how to use financial data to create business decisions, strategies, and plans. Students practice with case studies, and they learn how to present financial reports and make recommendations to executives.
Marketing Management
A core course in most MBA programs, marketing management surveys crucial marketing skills and strategies for developing, pricing, and promoting products and services. Students learn about market targeting, segmenting, and positioning. Enrollees also become familiar with marketing principles, strategic planning, buyer behaviors, and marketing information systems.
Managing Organizational Change
This class explores strategies, processes, and skills for adapting and thriving in a changing environment. Students may learn about mergers and acquisitions, managing growth and change, corporate transformation, and business process outsourcing. This course often proves particularly valuable for aspiring consultants and general managers.
Career Path
There are many career paths available to those who have graduated with their MBA. The job you choose will depend on a variety of factors, including your professional interests and goals, prior education and experience, and the specialization you pursued in business school.
In general, an MBA can prepare you for a leadership role, whether you want to work for a large enterprise or start your own business. The core business curriculum is broad and helps you understand many facets of business, while the more specialized courses give you expertise in a specialty.
With an online master of business administration, you can seek a management position, work as a consultant, or fill an analytical role in various industries. The roles you may choose to pursue in this field could include:
Financial Analysts
Financial analysts advise clients regarding investment options and decisions. These professionals analyze financial data, market data, and investment performance. This role requires strong communication skills, as financial analysts must report and explain financial phenomena to clients. Types of financial analysts include portfolio managers, fund managers, ratings analysts, and risk analysts.
Management Analysts
Management consultants or analysts work to optimize organizational efficiency. Some analysts specialize in reducing costs, while others focus on increasing revenue. All management analysts need high-level skills in financial data analysis, business strategy, and problem-solving. These professionals synthesize data drawn from onsite observations and personnel interviews along with insight from financial data. After conducting their analysis, they present suggestions to the management team.
Operations Research Analysts
These analysts help organizations identify operations issues and potential improvements. They often conduct observations and analyze business data drawn from customer feedback, sales histories, and computer databases. These professionals rely on strong quantitative and reporting skills. Often working in teams, operations analysts may specialize in an area such as pricing or supply chain management.
Top Executives
These professionals make big picture decisions and develop long-term strategies for their organizations. The daily job duties of top executives will vary by industry, field, organization, and position. Responsibilities often include budgeting, data analysis, and reporting. Executives also attend meetings with other staff. Top executives need sophisticated interpersonal and leadership skills to supervise lower- or mid-tier managers in their companies or departments.
Are Online MBAs as Well-Respected as Regular MBAs?
If you’re considering an online MBA, you may be wondering if online MBA programs are as well-respected as regular MBAs earned in a brick and mortar setting. The good news is that online education is common, and these online degrees are just as valuable as traditional in-person degrees.
Many well-known and highly respected higher education institutions offer online degrees, which has helped to further level the playing field. Just having earned your MBA will set you apart from the competition, and you shouldn’t worry about an online MBA not being taken as seriously.
Job Outlook and Salary
Enrolling in one of the best and most affordable MBA online programs will help you cultivate core management skills you can apply to many organizational and industry contexts. For example, MBA graduates often work as managers at for-profit companies, while others secure positions in nonprofits and government organizations.
The payoff could end up being pretty lucrative, too. The median base starting salary for MBA grads was $115,000 in 2020, according to the Graduate Management Admission Council (GMAC). That’s substantially higher than starting salaries for graduates holding a master’s in management, accounting, finance, or data analytics.
The industries with the highest salaries for new MBA hires are consulting, finance, and technology, according to the 2020 GMAC Annual Corporate Recruiters Survey.
According to the Bureau of Labor Statistics, all of the careers previously mentioned will have above-average job growth over the next decade. For example, employment for medical and health services managers is expected to grow by 32% from 2019 to 2029, much faster than most occupations.
Additionally, all of the high-paying business jobs listed above have salaries that are higher than most. Each of them has a median annual salary of above $100,000 per year.
Scholarships for MBA Students
Online MBA students may qualify for various scholarships based on academic merit, identity, financial need, or field of study. Scholarships do not require repayment and can help students cover various educational expenses. Learners can apply for scholarships from nonprofits, schools, private donors, and governmental organizations. The list below includes a few of the scholarships available to MBA students.
Who Can Apply: This scholarship supports Hispanic citizens and permanent residents with a minimum 3.3 GPA. Candidates must be enrolled full time in a business-related program at an accredited four-year school. Amount: Varies Deadline: Varies
Who Can Apply: Full-time students in graduate programs related to local government finance can apply. Candidates need U.S. or Canadian citizenship or permanent residency. Applicants submit a statement of purpose, a recommendation letter, a resume, and transcripts. Amount: $15,000 Deadline: Varies
Who Can Apply: This scholarship supports Golden Key members attending graduate programs at accredited schools. Applicants submit a resume, a recommendation letter, a personal statement, and transcripts. Amount: $20,000 Deadline: November 23
Who Can Apply: The Lagrant Foundation offers financial awards to high-performing U.S. students who belong to racial minority groups. Candidates need permanent residency or DACA status and a minimum 3.2 GPA. Applicants must be enrolled full time in an advertising-related graduate program at an accredited school. Applicants submit essays, a resume, a reference letter, and official transcripts. Amount: $3,500 Deadline: February 26
Who Can Apply: Full-time business students interested in corporate aviation can apply for this award from the National Aircraft Finance Association. Candidates must demonstrate citizenship or permanent residency and need a minimum 3.0 GPA. Learners should visit their school’s financial aid office to apply. Amount: $1,000-$5,000 Deadline: October 31
Related Degrees
An MBA is an excellent career path for anyone hoping to hold a leadership position in the field of position. But it’s not the only degree to consider, and there are several great alternatives.
Mini MBA
Some schools now offer what is called a mini-MBA, which is basically a concentrated version of the full MBA program. Rather than completing a full MBA program, you complete a shorter program that requires around 40 credit hours. These programs take less time and are considerably more affordable.
Master of Finance
Many MBA recipients go on to work in careers in finance. If you know you’ll be pursuing a finance career, you may be better suited to getting a Master’s in Finance, which will be more specialized on finance-related topics.
Master in Management
Students who plan to pursue a job in management might find that a Master’s in Management is a better fit. These programs are more focused on topics to prepare you for leadership roles in business.
The 25 Most Affordable Online MBA Programs of 2021
The following ranking includes the most affordable MBA online programs. Prospective students can use the list to quickly survey and compare program options. The descriptions summarize pertinent information about each program’s concentrations, structure, and requirements. Updated yearly to reflect status changes, this list of accredited schools includes only programs that meet rigorous academic standards.
City Vision University is a religious higher education institution founded in 1998. The school has a focus on providing affordable online education, serving low-income learners.
Founded by an Indian guru, Maharishi International University is a unique college with programs that emphasize whole person development and sustainable business practices. Located in Fairfield, IA, the school was founded in 1973 to provide “consciousness-based education.”
School status: Private
Tuition cost: $9,600 per year
Estimated years of completion: 2.5
Credit requirements: 58
Admission requirements: Four-year undergraduate degree, GPA of 3.0 or higher, GMAT or GRE recommended but not required
Milligan College is one of the top Christian liberal arts colleges in the south. Located in Tennessee, Milligan College has been teaching students through Christ-centered education for more than 150 years.
School status: Private
Tuition cost: $20,175
Estimated years of completion: 1
Credit requirements: 32
Admission requirements: Four-year undergraduate degree, two professional recommendations, personal statement
Founded in 1884, Mississippi University for Women is the nation's first public women's college. While it originally began as a women’s college, MUW opened its doors to men more than 30 years ago.
School status: Private
Tuition cost: $10,000
Estimated years of completion: 10 months
Credit requirements: 36
Admission requirements: Four-year undergraduate degree, GPA of at least 3.0, three letters of professional recommendation, GMAT score of 400 or higher, personal essay, resume
Freed-Hardeman University is a small Christian college located in Tennessee. The school was founded more than 150 years ago and offers a variety of undergraduate and graduate degree programs.
School status: Private
Tuition cost: $17,700
Estimated years of completion: 1
Credit requirements: 30
Admission requirements: Four-year undergraduate degree, schoolwork with equivalent to the Common Professional Component (CPC) requirements recognized by the Accreditation Council for Business Schools and Programs
Established in 1894, Goshen College is a private liberal arts college affiliated with the Mennonite Church. Located in Indiana, Goshen is a nationally-ranked school known for its purposeful and integrated curriculum that provides real-world education.
School status: Private
Tuition cost: $27,324
Estimated years of completion: 21 months
Credit requirements: 36
Admission requirements: Four-year undergraduate degree, 7+ years of work experience OR GMAT/GRE scores, TOEFL score of 500 or above for international students
Newman University is a Kansas-based Catholic college. The school was founded in 1933. It prides itself on being grounded in Catholic values and traditions, yet respectful of all faith traditions.
School status: Private
Tuition cost: $31,450
Estimated years of completion: 1-2
Credit requirements: 36
Admission requirements: Four-year undergraduate degree, GPA of 3.0 or higher
Trine was founded more than 130 years ago and is one of the top-ranking universities in the Midwest. The school offers hands-on experience with real-world projects that benefit businesses, the community, and the world.
School status: Private
Tuition cost: $17,250
Estimated years of completion: 1
Credit requirements: 30
Admission requirements: Four-year undergraduate degree, personal essay, resume, GMAT or GRE scores
The University of Florida is a public university with a history of more than 160 years. Located in Gainesville, Florida, the school is one of three preeminent universities in the state and is one of the best public schools in the United States.
School status: Public
Tuition cost: $58,000
Estimated years of completion: 16-24 months
Credit requirements: 48
Admission requirements: Four-year undergraduate degree, GMAT scores, two years of full-time professional experience, two professional recommendations, personal essays, admission interview
Averett University is a private Baptist school in Danville, Virginia. The school was founded in 1859 as a women’s-only only college. The school now admits both men and women.
School status: Private
Tuition cost: $26,200
Estimated years of completion: Not disclosed
Credit requirements: 40
Admission requirements: Four-year undergraduate degree, GPA of 3.0 or higher
The University of North Carolina at Chapel Hill was founded in 1789 and is the nation’s first public college. The school is highly respected and earns the title of “Public Ivy,” meaning a public school that offers an academic experience to rival an ivy league school.
School status: Public
Tuition cost: $125,589
Estimated years of completion: 18-36 months
Credit requirements: 62
Admission requirements: Four-year undergraduate degree, two letters of recommendation, personal essays, GMAT or GRE scores, personal interview
Johnson University is a Christian college with locations in both Tennessee and Florida. The school was founded by a married couple in 1893, who served as the school’s first two presidents.
School status: Private
Tuition cost: $19,080
Estimated years of completion: 1-2
Credit requirements: 36
Admission requirements: Four-year undergraduate degree, essay, professional references
Judson University was founded in 1913. The school is located in Elgin, Illinois, and is an evangelical Christian college with online degrees for working professionals. The school is quickly gaming a reputation as a “green” university.
School status: Private
Tuition cost: $26,100
Estimated years of completion: 18 months
Credit requirements: 36
Admission requirements: Four-year undergraduate degree, GPA of 3.0 or higher, two years of work experience, two letters of recommendation, professional resume, personal essay
A private Christian college in South Carolina, Columbia International University opened its doors in 1922. The school serves roughly 1,000 students per semester and offers most of its graduate programs online.
School status: Private
Tuition cost: $19,080
Estimated years of completion: 18 months
Credit requirements: 36
Admission requirements: Four-year undergraduate degree, GPA of 2.0 or higher
Oakland City University has been around since 1885 and has been fully accredited since 1977. The school is a faith-based learning community offering career-focused education.
School status: Private
Tuition cost: $18,000-$24,000
Estimated years of completion: 2
Credit requirements: 36-48
Admission requirements: Four-year undergraduate degree, GPA of 2.5 or higher, two years of relevant professional experience, three professional references
Lourdes University is a private Catholic and Franciscan university founded in 1958. Sponsored by the Sisters of St. Francis of Sylvania, the school is located in Sylvania, Ohio. The school offers a variety of undergraduate and graduate degrees.
School status: Private
Tuition cost: $28,800
Estimated years of completion: 18-24 months
Credit requirements: 36
Admission requirements: Four-year undergraduate degree, professional recommendation, current resume
Waynesburg University was founded in 1849 by the Cumberland Presbyterian Church. It’s a private Christian university that provides hands-on education. The school offers more than 70 undergraduate degrees and a variety of graduate programs, with some available 100% online.
School status: Private
Tuition cost: $20,400
Estimated years of completion: 1-2 years
Credit requirements: 30
Admission requirements: Four-year undergraduate degree, GPA of 3.0 or higher, personal essay, current resume, post-baccalaureate business experience, undergraduate courses in accounting, economics, finance, and statistics
Florida State University is the most senior member of the State University System of Florida. The school was founded in 1851 and is the oldest continuous institution of higher education in Florida.
School status: Public
Tuition cost: $31,599
Estimated years of completion: 1-2 years
Credit requirements: 39
Admission requirements: Four-year undergraduate degree, GMAT or GRE scores, letters of recommendation
Dominican University is a private Catholic school founded in 1904, originally under the name St. Clara Female Academy. The school offers more than 50 undergraduate programs, 18 master’s programs, and a Ph.D. The school is consistently highly ranked in Illinois and the Midwest.
School status: Private
Tuition cost: $29,700
Estimated years of completion: 15 months
Credit requirements: 30
Admission requirements: Four-year undergraduate degree, GMAT or GRE scores, two letters of recommendation, personal statement, resume
Medaille College is a private, nonsectarian university with campuses in both Buffalo and Rochester. The school first opened its doors in 1875 and received its charter from New York State in 1937. In addition to its in-person learning opportunities, the school offers a number of online programs.
Oklahoma State University is a public university founded in 1890 as Oklahoma Agricultural and Mechanical College. The school has several campuses around the state, with its main campus being in Stillwater, just 60 miles from both Oklahoma City and Tulsa.
School status: Public
Tuition cost: $19,818
Estimated years of completion: 1
Credit requirements: 33
Admission requirements: Four-year undergraduate degree, GMAT or GRE score, three professional letters of recommendation, statement of purpose
Purdue University is a well-known public university in West Lafayette, Indiana. The main campus is the flagship campus of the entire Purdue University system. The school was founded in 1869 and now offers more than 200 undergraduate degree programs and 69 graduate and doctoral programs.
School status: Public
Tuition cost: $56,000
Estimated years of completion: 2
Credit requirements: 48
Admission requirements: Four-year undergraduate degree, statement of purpose, two letters of recommendation, online MBA essays, professional resume
New Mexico State University was founded in 1988. It has its main campus in Las Cruces, New Mexico, and is one of the two flagship schools in the state.
School status: Public
Tuition cost: $14,804
Estimated years of completion: 2
Credit requirements: 36
Admission requirements: Four-year undergraduate degree, GPA of 3.0 or higher, GMAT or GRE scores, professional certification or five years of full-time professional experience
Lincoln Memorial University was founded in 1897 and is named after the 16th president of the United States, Abraham Lincoln. The school’s main campus is located in Harrogate, Tennessee.
School status: Private
Tuition cost: $15,900-$19,808
Estimated years of completion: Not disclosed
Credit requirements: 30-36
Admission requirements: Four-year undergraduate degree, GPA of 2.75 or higher, essays, resume, two letters of recommendation
Erin Gobler is a freelance writer who covers education topics for Best Value Schools, Graduate School Hub, and Criminal Justice Degree Schools, among others. Her work has been published on sites like Fox Business, Rocket Mortgage, and The Balance.
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