Top 15 Affordable Online MBA Programs 2021
May 25, 2021 | Staff
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Students looking to pursue MBAs may worry about taking on student debt and whether the degree leads to better jobs with higher salaries. Professionals who typically hold MBAs, like medical and health services managers, earn a median annual salary exceeding $100,000, according to the U.S. Bureau of Labor Statistics (BLS). In this regard, an MBA can certainly improve career and income prospects.
Fortunately, opportunities abound for prospective students seeking affordable online MBA programs and/or cheap in-person degrees. However, some applicants associate “affordable” with “low-quality,” which may deter them from pursuing these opportunities.
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To that end, we have compiled a list of some of the best, most affordable MBA programs to help students in their search. We designate an MBA program as “affordable” if it has low tuition, excellent financial aid resources, and/or cheap online options.
2021’s 10 Best Affordable Online MBA Programs
| RANK | SCHOOL | LOCATION |
|---|---|---|
| 1 | John Brown University | Siloam Springs, AR |
| 2 | Florida Institute of Technology | Melbourne, FL |
| 3 | Milwaukee School of Engineering | Milwaukee, WI |
| 4 | West Virginia University | Morgantown, WV |
| 5 | Cedarville University | Cedarville, OH |
| 6 | St. Thomas University | Miami Gardens, FL |
| 7 | Walsh University | North Canton, OH |
| 8 | Webster University | Saint Louis, MO |
| 9 | Hawaii Pacific University | Honolulu, HI |
| 10 | Bay Path University | Longmeadow, MA |
Why Get an Affordable Online MBA?
Online MBAs grew in popularity even before the COVID-19 pandemic triggered rapid growth in online education. In 2018, Forbes reported a year-over-year increase of nearly 50% in the number of online MBA programs ranked by U.S. News & World Report. Forbes also found that online MBA grads saw their salaries increase by an average of 29% in their post-business school careers.
While the traditional classroom experience still offers strong value, online learning delivers far more flexibility and convenience. Most affordable online MBA programs use asynchronous delivery formats, allowing you to engage with learning on your own schedule. Busy professionals who want to keep their current jobs while upgrading their education can pursue these degrees.
Data supports this notion, as 91% of respondents to a 2017 U.S. News & World Report survey indicated they worked full time while pursuing online MBAs. Online learners also tend to be older than their campus-based counterparts, suggesting that many turn to the virtual classroom to earn a career-boosting edge without putting their professional lives on pause.
Choosing an affordable online MBA maximizes the return on your educational investment while delivering many other benefits, including:Access to More OptionsBefore the online age, students who wanted to continue working while studying could mostly only pursue nearby programs. The internet has eliminated this limitation, opening access to a full array of schools, concentrations, and specializations.Graduating with Less DebtBusiness schools often possess a reputation for their high tuition rates. Affordable online MBA programs reduce costs, enabling students to graduate with lower debt and reap the benefits of their increased salaries.Engaging with Emerging TechnologyBusiness schools use cutting-edge technologies to deliver lectures and course materials to online students. Companies use many of the same resources when engaging with clients and stakeholders remotely.Viewpoint DiversityOnline MBA programs tend to draw students with diverse backgrounds and viewpoints, bringing a deeper, more enriched pool of ideas to the virtual classroom.International OpportunityAs affordable online MBA programs become more popular and prestigious, they draw higher levels of interest from the international student and business communities. Enrollees can use their online MBA programs to network on a global scale.
Evaluating the Cheapest Online MBA Programs
The following graphic offers a starting point for students seeking affordable MBA programs, detailing the mean prices of in-state, out-of-state, international, and distance learning options. Program prices vary significantly, but online degrees generally cost less.
Many top MBA programs share similar characteristics. Students can find similar curricula, concentrations, and university resources among the cheapest MBA programs.
Full-time MBA Tuition (Reflecting the Full Cost of the Program from Start to Finish)
MEAN PRICE
In-State
$36,698MEAN PRICE
Out-of-State
$43,701MEAN PRICE
Out-of-Country
$45,269MEAN PRICE
Online
$20,902
Source: Association to Advance Collegiate Schools of Business
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- Accreditation
- Affordability
- Post-Graduation Success
- Online Resources
- Robust Curricula
Prospective students should consider their individual situations, including their educational background and career goals. Some factors, like accreditation, always matter. Learners aiming for high-level executive positions in major companies may focus more on student outcome data and alumni networks. Those with business backgrounds might look for curricula focusing more on specializations than on MBA core courses. Choosing a Quality MBA Program
What to Expect From Affordable Online MBA Programs
Most MBA degrees take 1-2 years of full-time study to complete. With professional and personal obligations, enrollees may take longer to complete their programs, often extending to 3-5 years. Schools understand that many online MBA degree-seekers work full time while studying and tailor their structural flexibility to reflect the practical realities of students’ needs.
Course load also varies, depending on the program’s intensity and how the school structures its credit system. General MBAs can comprise as few as 10 courses. More diversified and concentrated study paths may require up to 24 courses or more.
Schools also set distinct admission policies, but most require GMAT and/or GRE scores, academic transcripts, personal statements and/or recommendations, and multiple years of relevant professional experience. The number of supported concentrations and specializations also continues to grow, giving online MBA students access to more study options than ever before.
Specialized MBAs
Many of the most affordable online MBAs offer concentrations. Degree-seekers often choose these paths when they have specific career objectives in mind. Professionals with specialized MBAs often command higher salaries, as their targeted credentials give them a competitive edge for relevant job openings.
Business schools collectively host dozens of different MBA specializations, but individual institutions typically offer about 5-8 options. Examples include common and traditional concentrations, along with innovative specializations reflecting emerging trends in modern commerce.
Traditional specializations cover finance, international business, accounting, and supply chain management. More modern options explore technology management, big data and business analytics, and digital marketing, among others.
Popular Online MBA Courses
The specific courses included in a given MBA program depend on the school and the degree’s orientation. For example, concentrated programs typically cover specialized content beyond the scope of a general MBA. The following examples represent courses commonly offered in general MBA programs:
- MARKETING THEORY
- PRINCIPLES OF MANAGEMENT
- BUSINESS ETHICS
- QUANTITATIVE ANALYSIS
Executive and management roles often demand a thorough grounding in the theoretical and applied aspects of marketing. This course, usually taken in the early stages of an MBA, provides an introduction to the four interrelated principles of marketing: product, price, place, and promotion.
The MBA Capstone or Thesis
Affordable online MBA programs typically culminate with comprehensive projects that demonstrate students’ mastery and synthesis of critical concepts learned throughout the degree. Most programs present this academic requirement as a capstone or thesis.
Capstone or thesis projects usually cover the credit equivalent of two full-length courses. Enrollees normally complete these projects under the supervision of senior faculty members during the final year or semester of their program.
Both formats require extensive research and a thorough analysis of specific issues that professionals commonly encounter in their careers. Thesis projects usually apply theory to an academic hypothesis, while capstones maintain a more practical and pragmatic orientation. For instance, capstones often prompt students to formulate and articulate solutions to actual challenges faced by real businesses.
Use this resource to learn more about MBA capstone and thesis projects.
Making Affordable MBA Programs Even Cheaper
Prospective students can potentially decrease MBA program costs by considering weighing the following factors against their personal goals.Required TravelWhether considering on-campus learning or online studies, learners may need to account for travel expenses. Some online programs require participants to visit campus for orientation, immersion events, or residencies. These options provide excellent networking opportunities, but degree-seekers should weigh travel costs against potential gains.Class SizeSmaller class sizes can offer personalized attention and direct access to faculty, though programs with low student-to-faculty ratios tend to be more expensive. Candidates should consider their own learning styles and whether they thrive in larger classes.Institutional PrestigeSome employers prioritize candidates with degrees from prestigious institutions, making school reputation an important consideration. These schools may charge higher tuition rates as a result. Prospective students should carefully consider whether paying higher rates for prestigious institutions would help them achieve their goals.Online vs. On-CampusAffordable online MBA programs commonly offer reduced tuition rates to distance learners, including opportunities for out-of-state learners to pay resident rates. With the flexibility of online programs, learners can study from home and potentially continue working while earning their degrees.
Cheap Online MBA Programs That Do Not Require the GMAT
Online MBA schools use the GMAT as a benchmark to select prospective students. The GMAT acts as a great tool for the admissions process, but many students do not feel comfortable taking such a high-pressure test. Luckily, many online MBA programs do not require applicants to provide GMAT test scores.
This relieves some stress from the application process and saves applicants some money. Graduate school entrance exams, such as the GMAT, can create an extra financial hurdle due to the expense of preparation and the test fee itself.
GMAT preparation books often cost around $50, and practice tests typically charge around $30. It costs $250 to sit for the GMAT exam, and some students may need to take it more than once.
Affordable MBAs That Do Not Require the GMAT
Financial Aid Options for an Online MBA Program
Even the cheapest MBA programs can make for a significant financial investment, and many students may seek additional financial aid to help fund their degrees. The following articles describe various funding sources, tips on accessing financial aid, and an in-depth guide on the FAFSA.
Financing Your MBA Degree
FAFSA Guide for MBA Students
How to Save Even More Money on Your Affordable MBA
After choosing an affordable MBA program available and taking advantage of financial aid options, learners can continue making money-saving choices. The list below describes the advantages of accelerating a degree through overloading credits, choosing textbook alternates, and making loan payments during school to lower overall interest.Credit OverloadMany schools let online MBA enrollees take more courses in a semester than typically allowed. Learners can submit credit overload requests to complete their degrees more quickly and save money.Summer ClassesUsing the summer term to complete coursework also helps students save money and complete their degrees in less time.Cheaper TextbooksInstead of purchasing new physical textbooks, consider renting the required materials or buying digital copies.Loan PaymentsLearners who make loan payments while in school accrue less interest.
Will Getting My MBA Pay Off?
The Graduate Management Admission Council reports strong demand for MBA graduates in the U.S. and overseas. In the U.S., 77% of employers sought to employ more MBA graduates as of 2019, with a high concentration among Fortune 500 and other large corporations. Startup companies also reported an increase in demand. With opportunities rising abroad, MBA graduates can enjoy a strong job market around the world.
In addition to job security, students should research potential salaries to calculate how long it would take to see a return on their MBA investment. The projected median annual wage for new MBA hires in 2019 was $115,000. Students should consider their salary-to-debt ratio and their school’s graduate employment records when estimating their return on investment.
MBA graduates qualify for lucrative career opportunities in health management, technology, sales, and executive management. The following table includes median annual salary data related to common roles for individuals with MBAs..
| CAREER | MEDIAN ANNUAL SALARY |
|---|---|
| Administrative Services Managers | $96,940 |
| Advertising, Promotions, and Marketing Managers | $135,900 |
| Computer and Information Research Scientist | $122,840 |
| Computer and Information Systems Managers | $146,360 |
| Financial Analysts | $81,590 |
| Financial Managers | $129,890 |
| Management Analysts | $85,260 |
| Medical and Health Services Managers | $100,980 |
| Sales Managers | $126,640 |
| Top Executives | $104,690 |
Source: BLS
Discover MBA Careers
Learn More About Specializations
Affordable Online MBA FAQs
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- Is an MBA online worth it?
- How are online MBA programs accredited?
- How long does it take to complete an online MBA?
- How does accreditation affect affordability?
- Are online MBAs cheaper?
Feature Image: damircudic / E+ / Getty Images
Top 15 Affordable Online MBA Program Rankings of 2021
If you plan to attend business school in 2021, our ranking of the most affordable online MBA programs offers a great place to begin your research. Keep an eye out for programs accredited by the Accreditation Council for Business Schools and Programs (ACBSP), the International Accreditation Council for Business Education (IACBE), and the Association to Advance Collegiate Schools of Business (AACSB). For more information on our ranking methodology, click the link below.Our Ranking MethodologyCOLLAPSE ALL EXPAND ALL
- John Brown UniversityLOCATIONSiloam Springs, AR
- Florida Institute of TechnologyLOCATIONMelbourne, FL
- Milwaukee School of EngineeringLOCATIONMilwaukee, WI
- West Virginia UniversityLOCATIONMorgantown, WV
- Cedarville UniversityLOCATIONCedarville, OH
- St. Thomas UniversityLOCATIONMiami Gardens, FL
- Walsh UniversityLOCATIONNorth Canton, OH
- Webster UniversityLOCATIONSaint Louis, MO
- Hawaii Pacific UniversityLOCATIONHonolulu, HI
- Bay Path UniversityLOCATIONLongmeadow, MA
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