2023 Most Affordable Online Colleges for MBA Programs

Many factors go into selecting the best online MBA program for a student’s individual needs. For many, tuition is the most important consideration, but during a school search, students may also want to research each school’s financial aid options and other student resources. Additionally, students often select a school that offers the particular concentration or elective courses they are interested in pursuing to achieve their professional goals.

Students may have a preference for how their online courses are delivered. Some programs offer hybrid course delivery, with requirements completed online and in person. Other programs are fully online. In addition, students may have a preference about the style of their individual courses. Synchronous classes are live while asynchronous courses allow students to watch lectures and complete coursework on their own schedule.

Finally, accreditation is an important factor to consider. The Association to Advance Collegiate Schools of Business (AACSB) accredits online MBA programs and ensures that the curriculum and faculty meet predetermined standards of excellence in higher education.

Students may wonder whether an online MBA is worth pursuing or if they will lose any advantages that graduates of traditional programs might have.

The answer is that yes, for the most part, today’s recruiters, human resource directors, and hiring managers understand that an online degree from a reputable, accredited university is the equal of a traditional degree. If an online master’s in business program has been regionally accredited, it shows that the curriculum has been evaluated and proven to meet the same accepted standards for academic rigor as on-campus programs. It also demonstrates that courses are taught by competent, experienced instructors, and that students are reaching desired learning outcomes, such as developing specific skills and abilities relevant to the degree. Some hiring managers may even appreciate the stamina and determination that goes into earning a degree online, especially if the student maintained a full-time job in the process.

The right time to return to college is entirely dependent upon a person’s goals. Looking at return on investment (ROI), however, can help. ROI compares the amount of money a person is likely to earn by getting a degree to the amount of money spent on obtaining that degree. Younger college students can typically expect a higher ROI after completing a full-time MBA program. Once they return to the workforce, they have more years to leverage a graduate degree into career advancement and increase their earnings.

Professionals who earn their MBA at a later age may consider ROI more heavily, weighing how many more years they plan to be working and factoring that into potential earnings. Nevertheless, although the average starting age for all MBA students is 28, there is evidence to suggest that students in their 30s, 40s, and beyond are choosing to earn MBAs, especially through online programs.

For this reason, prospective students interested in pursuing an MBA while continuing full-time work may consider an Executive MBA program. Enrollment is usually limited to business professionals who’ve been in the workplace for at least five years. The accelerated coursework in these programs is specifically designed to capitalize on students’ first-hand work experience and contribute to their career goals.

There are additional factors to consider beyond ROI. A later-in-life degree may allow someone to pivot their career into something more rewarding and fulfilling. Further, some individuals are motivated to earn a graduate degree for the sake of specialized knowledge, personal interest, and a sense of accomplishment.

The cost of an online Master of Business Administration (MBA) degree can vary widely. For the 25 schools on our most affordable online MBAs list, the total cost of tuition for a 2-year program ranges from $7,710 to $13,090. Georgia Southerwestern State University is the most affordable school offering an online MBA program, with an annual tuition of $3,855. When students widen their search beyond the most affordable schools, they'll find online programs that can total as much as $107,000 or more.

To compare program costs, it's also helpful to consider per-credit tuition fees. In general, an MBA requires the completion of 30 semester credits (and more if the student needs to take prerequisite courses). For the most affordable online MBA programs, cost per credit ranges from $257 to $385.

There are various factors that are not reflected in tuition rates that students may need to consider, like:

• Costs of books and other supplies
• Annual and one-time-only fees charged by many schools, such as for the application, technology, and graduation fees
• Childcare, for students who have small children at home
• Interest that will need to be paid on a student loan, if that type of financing is needed
• Costs associated with on-site meetings, including transportation and accommodations, as some graduate programs require students to be on campus for orientation and/or practicums, workshops, and conferences

However, MBA students may be able to offset the cost of their online degrees in several ways. For instance, some newly admitted students may be able to obtain credits from previous work experience, military service, or other professional training. They may also demonstrate their knowledge of certain subjects on assessment exams, which can reduce the number of prerequisite and required courses needed to graduate. Additionally, some online MBA students may qualify for scholarships, fellowships, grants, and tuition discounts—forms of financial assistance that don’t need to be paid back. We've provided additional information about funding an online MBA program below.

Because pursuing a degree is a significant financial and time investment, students may wonder whether an MBA will be worth it overall.

Looking strictly at earning potential, the answer to this question seems to be a resounding yes. Data from a 2020 survey conducted by the National Association of Colleges and Employers reveals that newly graduated MBA holders earn average annual salaries approximately $20,000 higher than their bachelor’s-degree holding counterparts. Multiplied over a lifelong career and factoring in the potential for advancement, the increase in earnings may be alluring.

It's important to consider additional factors in order to make a more balanced and informed decision about pursuing an online MBA. The true value of a graduate degree in business has been up for debate in recent years, with both sides urging prospective students to look at the bigger picture. Critics say there are a few factors that can make an MBA a poor investment: the high cost of earning a degree, the increasing number of MBA degree holders within a limited job market, and the possibility that MBAs will be less beneficial in a post-COVID-19 workplace. While it is true that MBAs can be expensive, there are ways to make them more affordable, such as by looking for schools on our most affordable ranking list or considering options for additional funding. And while there may be downsides to earning an MBA for some, many people find them beneficial for networking and career advancement.

For those who do wish to pursue an MBA degree, there are benefits to doing so online, including:

• Specialization Opportunities: Selecting an MBA with a concentration provides students with highly targeted, relevant understanding and expertise in some aspect of business. Because students have so many online MBA programs to choose from, they are more likely to find a program that aligns with their particular interests. Possible concentrations include health care administration, human resource management, marketing, and general business.
• Flexible Schedules: Online graduate programs are designed specifically for working adults, which means that enrollees do not have to give up their jobs and lose several years of career traction while they earn a degree. Most programs offer primarily asynchronous courses, and students often have the option to adjust their course loads from one semester to the next to allow for other commitments in their work and personal lives.
• Skills Gained: The coursework, as well as the challenges of going to school online while maintaining a job, help build valuable skills in critical thinking, organization, collaboration, and written and verbal communication. Studying business with a group of peers who are currently employed in a variety of industries allows students to apply theoretical knowledge to contemporary, real-world situations. In addition, the completion of an online degree demonstrates a student’s level of personal commitment and perseverance to employers.

A graduate degree in business is not the right path for everyone. The decision to pursue an advanced degree depends on many personal factors, from a student's financial situation to their obligations and career goals. Yet for those who aspire to higher-level management positions, earning an MBA, especially online, can be an effective means of obtaining the credentials, knowledge, and skills needed to land advanced jobs in the future. Perhaps this explains why the MBA is still the most popular graduate degree program, according to the National Center for Education Statistics.