What is the Cost of an Online MBA?
The cost of an Online MBA varies greatly at every business school. Tuition fees for an Online MBA can range from under $3,000 per year, $50,000 per year and beyond.
If you are considering the MBA for your graduate program, the first concern that comes to mind is likely the costs. Graduate degree programs can become costly, especially when in an online setting. When you are looking for a university that offers an MBA at a reasonable rate, be sure to take into consideration the various fees that are assessed separately from standard tuition.
For online MBA programs, there are no residential requirements, so this is an added benefit to choosing online education. Research is the key to discovering schools that provide this program at a standard cost, with most schools offering standard tuition for residents within this state.
The standard 2-year MBA can have very different pricing depending on where you look. Some universities with more clout provide this online program at a cost in excess of $50,000, and even going as high as $100,000. This is not the most common price for this degree program, however.
Overall, the cost of tuition over time has risen at all colleges, for all programs, and typically online programs are no exception.
image courtesy of USA Today (1)
Cheap Online MBA Programs
There are affordable Masters in Business Administration programs out there, but it takes some searching. Take a look below at some of the tuition prices found below from some well-known universities. The tuition costs listed below are all based on full-time enrollment as well as in-state residency. Most online programs will provide a lower cost to residents in-state, so if you are interested in enrolling in an online MBA program, look at your local state universities first before pursuing out of state options.
Highlighted Affordable Online MBA Programs
GMAT is Required
Raymond J. Harbert College of Business
AU Online Website
University of Texas at Dallas
GMAT is Required
Naveen Jindal School of Management
UT-Dallas Online Website
University of Florida
GMAT is Required
Warrington College of Business
UF Online Website
MBA No GMAT
The Graduate Management Admission Test (GMAT) is a post-undergraduate exam that tests students on their understanding of relevant topics such as verbal, reading, writing, and quantitative skills. Most graduate students complete this exam due to the common GMAT requirement for entry into graduate programs. There are programs available that allow students to be accepted without the completion of this exam, as well as universities that consider other factors in place of GMAT scores. Our experts took the time to track down some reputable universities that offer MBA programs online, without the GMAT requirement. This is not an exhaustive list by far, so be sure to research more universities near you that negate the GMAT requirement.
Highlighted Online MBAs with No GMAT Requirement
- The University of Louisiana – Shreveport – MBA
- Southeastern Oklahoma State University – MBA
- Ohio University – MBA
Prerequisites for Online MBA Programs
Depending on the university you choose, the prerequisite requirements can include some uncommon elements that typically are not seen for other graduate degree programs. Application to MBA programs is high at some popular universities, so the applicant pool is often slimmed down using strict prerequisite requirements set forth by each university.
Below are some of the minimum requirements for a general Online MBA program. Keep in mind – every single business school has their own entry requirements for admission. Some programs require a GMAT, some do not. Some require a minimum GMAT score, or a specific GPA, while others do not have those pre-requisites. You need to be 100% sure to speak thoroughly with the admissions staff at the business school(s) you are investigating.
The top 3 minimum requirements for an Online MBA, according to our research, are:
1. A Bachelor’s Degree
Since the MBA is a highly sought after degree, universities want to be sure that the applicants chosen have proven themselves both academically and professionally. The most prominent prerequisite requirement is the earning of a relevant undergraduate degree from an accredited university. Degrees in business, finance, accounting, or other business related subjects are often accepted for MBA programs.
2. GPA Requirements
Accreditation is also require regardless of what the major was of the undergraduate degree (generally you should look for an AACSB accredited MBA program). The prerequisite GPA requirement for most MBA schools is 3.0 – 3.2. Some more reputable universities even requires that students have an undergraduate GPA that exceeds 3.2. Restrictions are also placed on GMAT scores, with one university in particular requiring a minimum average score of 602. 1-2 years of professional work experience is also often required.
3. Transcripts, GMAT Scores, Letters of Recommendation
If you are getting ready to apply for a MBA program, you should request that official transcripts from all previously attended universities are sent with your application. If the university that you chose requires GMAT or GRE scores, be sure to also request that those scores be delivered to the university in a timely manner. Some of the more uncommon requirements in this degree program include 2-3 letters of recommendation (some students use undergraduate professors or work associates for this purpose) and 1-2 essays with varying topics.
AACSB Accredited MBA Degrees
The Association of Advanced Collegiate Schools of Business (AACSB) is an accreditation authority for schools that offer business degrees. The AACSB seeks to provide students with the best in education and excellence in the field of business.
Through various accreditation methods, the AACSB reviews each collegiate program to review their curriculum, teaching methods, and mission statement. This information is then used to either approve or deny accreditation, depending on how it compares to the standards put for by the organization. This organization provides students with the security of a relevant and reliable degree that can be used within any professional setting.
AACSB World Headquarters
777 South Harbour Island Blvd
Suite 750, Tampa, Florida 33602
The Top MBA Degrees Online
The MBA can be a useful and effective means of pursuing a better career and becoming eligible for higher tier positions in business. Students often find concentrations to accompany their MBA in an effort to expand their expertise into other areas within business administration. Our experts have reviewed some of the more prominent concentrations in an effort to assist you with choosing a specialization that is right for you.
The general MBA degree encompasses all of the standard aspects of business practice from accounting, management, marketing, and law. Students that wish to have a broad understanding of business or that have not chosen a specific profession within the business realm would be a great fit within this concentration. Rather than focusing on certain aspects or fields of business, students are given expertise in business administration as a whole.
Online Executive MBA
Applicants to MBA programs that have been working in the business field for many years may look to advance their degree for personal or professional purposes. The online executive MBA program is designed to complement years of professional business experience for students to advance within their field. Most online EMBA programs require that students have 5-10 years of professional experience at high positions within an organization.
Students that have an undergraduate degree in business or accounting may choose this specialty to advance their career working in accounting. Students are taught to assist individuals and companies with keeping up with finances, filing taxes, and providing insight into future planning. This program includes a dive into effective accounting methods and practices that provide reliability and stability to companies and organizations.
Acquisitions deals with the negotiation practices that are involved in standard business as well as agreements or contracts that may be signed between different organizations. Contract law, regulations, and financial skills are taught within this specialty. Students within this concentration will learn to integrate contracting requirements with the standards of business practices.
Business Intelligence MBA
The business intelligence specialization is great for professionals that wish to be the problem-solving asset to busy companies and businesses. Degree programs in this specialty teach students to properly analyze financial standing, provide insight into planning, and develop strategies that assist companies with reaching goals. This focus instructs students on how to properly assess data and make decisions that will benefit organizations from a strategic and financial standpoint.
Criminal Justice MBA
Criminal justice concentrations instruct students on how to properly define the potential causes of criminal activity and provide assistance in deterring crime as well as improvement of the criminal justice system. Choosing this specialization can give students a blend of knowledge in business as well as law, which can provide for career opportunities from both realms.
Economics focuses on wealth in terms of acquisition, maintenance, and transfer. If you are considering this concentration, you should prepare yourself for a curriculum that is rich in stocks, trading, decision making, and investments. Students that complete this degree can seek out careers working in stocks and bonds or working with companies to make profitable investments for the future.
Entrepreneurship is a great option for individuals that currently own their own business or are interested in running a business in the future. Business practices such as finance, human resources, law, and commerce are some topics that are covered within this specialty. Leadership practices as well as business planning are also important topics discussed in this concentration.
MBA in Environmental Management
This concentration includes environmental aspects that are related to business practices. In many companies, especially those in manufacturing, the environment is directly involved. Students that choose this specialty can gain the skills to assess environmental hazards and address concerns related to business practices.
Finance addresses aspects of business such as accounting, bank involvement, and taxes. Students that choose this specialty have the potential to gain focus on the monetary constituents of business, which can contribute to the proper functioning of businesses within any field.
Financial Planning MBA
Businesses and individuals alike require graduates with expertise in financial planning to ensure that their businesses operate efficiently. Students that chose this concentration can earn skills in savings, high-risk investments, and planning for future events such as retirement or college.
Global Management MBA
The global management concentration prepares learners to manage companies that have international agencies and have dealings with individuals and businesses from other countries. During this degree program, students will be taught international business practices, expectations, and laws that can assist them with providing helpful services in the future.
Health Care Administration MBA
Leaders within the healthcare field require a subtle blend of business expertise as well as knowledge of the healthcare system. With the health care administration concentration, students will learn proper business practices alongside the regulatory requirements and personnel management of healthcare facilities.
Health Care Management MBA
Health care management is an exceptional program that prepares management-level professionals for work in the healthcare field. Health care management consists of human resources, conflict resolution, and staff services techniques that can provide for proper employee management within a hospital or medical center environment.
Hospitality Management MBA
Hospitality management caters to professionals in the service industry. Food services, hotels, and entertainment businesses require specialized business practices that are suitable for clients and customers from various walks of life. Students that choose this concentration will be introduced into the different topics concerning paid services and customer satisfaction.
Human Resources MBA
The human resources concentration instructs prospects on different human resources programs such as insurance, benefits, and training. Through this program, students will learn the regulations that businesses face in terms of employee maintenance, how to manage employee benefits and enrollment, and dealing with potential conflicts between employees or between employees and the business.
Information Management MBA
Information technology is a huge part of modern-day business. Information management prepares those enrolled for management positions that preside over technological businesses or departments. Leadership skills, IT skills, and standard business courses are taught within this specialty, giving students a variety of knowledge that complements management within IT-related fields.
Information Security MBA
As a branch of information technology, information security focuses on the security and protection of computer networks. This concentration focuses on the detection, prevention, and maintenance of business-related computer systems.
Information Systems MBA
Whether students have an undergraduate degree in information technology or business, information systems is a great option for advancement. This field focuses on the use, maintenance, and upgrade of helpful information systems that are used within a business setting.
Information Technology MBA
Information technology provides students with the skills required to oversee computer and network systems, security, and support for businesses that use technology in every day settings. This concentration is increasingly popular due to the dependence on technology for various business practices. Skills learned within this specialty include computer programming, network security, and system maintenance.
Students that are interested in pursuing a higher-tier career in the insurance field may find that the insurance concentration provides skills that are particular to that field. Analytical skills as well as risk management are also instructed within this degree program, making it a great fit for individuals that wish to work alongside businesses, assisting them with minimizing risks and working in accordance to insurance regulations.
MBA in International Business
International business instructs students about the varying business methods, language barriers, and currency differences that are present during business dealings with other countries. This concentration focuses on international trade, foreign manufacturing, and contracts between foreign and domestic entities.
Internet Marketing MBA
Internet marketing introduces students to various marketing and advertising tactics that are conducted via the internet. Students may be taught how to effectively target appropriate audiences through social media, or work with companies to promote their marketing on public websites.
The MBA leadership specialty is a generalized option that teaches students how to effectively lead a team of employees towards the goals of the organization. Problem-solving, conflict resolution, and effective production are a few of the topics that are discussed within this program. Students that are interested in pursuing management positions, or those that are already in management positions, may find this specialty to be their best option.
Logistics management includes a look into material collection, production, and ultimate delivery of products. Supply chain knowledge and customer service are both important parts of this concentration. Students in this degree program will find that the focus of logistics management lies in the reliability of a company’s supply chain from start to finish.
The general management concentration touches on the different requirements for management professionals within any business. Leadership, business policy, law, and conflict resolution are just a few of the topics that are taught within this specialty. Students involved in this program should be able to gain a better understanding of how to effectively manage employees while abiding by all company expectations.
The marketing concentration teaches students how to properly define their product and market it to the right audience. Through standard advertising mediums such as television, magazines, and newspapers, students are instructed on proper ways to display products in creative and innovative ways. Technology as a source of marketing is also discussed, which requires students to have knowledge of internet systems and computers.
Operations Management MBA
Operations management focuses on the need for expert management over areas that handle logistics or deal with supply chain functioning. Leadership skills, analytical skills, and problem-solving skills are addressed during this program, as well as knowledge into the supply chain system that businesses use for creating and trading products.
Organizational Leadership MBA
The organizational leadership track is geared towards professionals that are currently in management positions or those that aspire to obtain them. Proper employee management tactics are taught through this program, as well as the implementation of company policies and adherence to regulations.
MBA in Project Management
Project management is a concentration that relies on problem-solving and leadership to instruct students on excellent business practices. Students in this program may gain the ability to effective lead a team of professionals, provide advisory services during production or project planning, and respond effectively in the event of problematic issues.
Public Administration MBA
The public administration concentration helps students focus on the cultural elements that can potentially affect businesses. Leadership knowledge, policies, and research are the main focuses of this degree program, preparing students to work for businesses that are directly involved with the public domain.
Quantitative analysis teaches those enrolled to properly analyze and solve problems that can arise in the business sector. Using mathematics, statistics, and IT, students will learn to perform detailed performance reports, risk analyses, and detailed program plans for businesses that require technical and problem-solving programs for proper operation.
Risk Management MBA
Students that chose risk management as a specialty will be taught to assess a company’s potential risks in terms of potential hazards, employee health, and other liabilities. Students are instructed on labor laws and how they apply in a business setting as well as how to handle employee rights and benefits.
Supply Chain Management MBA
Supply chain management provide students with the skills necessary to take a hands on approach to the acquisition of supplies, creation of products, and final delivery of products to customers. A broad range of knowledge is required for this concentration, including contracts, finance, product transportation, regulations, and customer service.
With the growing dependence on technology, students find that a concentration in technology can be beneficial for their MBA degree. This specialty teaches students how businesses use technology to store, use, and transmit data on a daily basis. Students will not only learn how technology is used by organizations, but how it is created and innovated by businesses within the tech branch.