The 26 Most Affordable Online MBA Programs in 2024 With No GMAT Required

Getting your master’s in business can be tough when you have to pass the GMAT, but many schools are now waiving the GMAT requirement and focusing on other indicators of high performance, such as work experience, letters of recommendation, undergraduate GPA, and even interviews.

Why Choose an Affordable Online MBA Program with No GMAT Requirement?

Pursuing an MBA is a significant investment in your future, and choosing an affordable, online program that doesn’t require the GMAT can offer numerous benefits, especially for working professionals and those returning to school after a break. Here’s why opting for such a program might be the right choice for you:

• Cost Savings:
  • No Test Preparation Costs: By choosing an MBA program that doesn’t require the GMAT, you can avoid the often hefty costs associated with test preparation courses, study materials, and the exam itself. This allows you to allocate more of your financial resources directly towards your education.
  • Affordable Tuition Rates: Online MBA programs often come with lower tuition rates compared to traditional on-campus programs. Additionally, many of these programs offer pay-per-credit options, allowing you to manage your finances more effectively by spreading out the cost of your education over time.
• Time Efficiency:
  • Immediate Focus on Education: Without the need to prepare for and take the GMAT, you can start your MBA program sooner. This is particularly advantageous if you’re eager to advance your career or if time is a critical factor in your decision to pursue further education.
  • Flexible Learning Pace: Online MBA programs typically offer flexible schedules, allowing you to learn at your own pace. Whether you want to accelerate your studies or balance them with work and personal responsibilities, an online program can accommodate your needs.
• Accessibility for Non-Traditional Students:
  • Valuing Real-World Experience: If you’re returning to school after a break of five, ten, or more years, the GMAT may not accurately reflect your current abilities or potential. Many online MBA programs recognize the value of real-world work experience and focus on how your practical knowledge can enrich the classroom experience. Your insights from the workplace can provide a unique perspective that enhances learning for both you and your peers.
  • Inclusive Admission Criteria: By eliminating the GMAT requirement, these programs open doors for a wider range of applicants, including those who may not have a strong standardized test-taking background but possess substantial professional experience and leadership potential.
• Convenience and Flexibility:
  • Study From Anywhere: Online MBA programs offer the convenience of studying from anywhere, whether you’re at home, at work, or on the go. This flexibility is ideal for busy professionals who need to juggle multiple responsibilities while pursuing their degree.
  • Customizable Learning Environment: You can tailor your study environment to suit your personal learning preferences, whether that means setting up a home office, studying in a local café, or taking your coursework with you while traveling.
• Career Advancement:
  • Boost Your Credentials Without Disruption: An online MBA allows you to continue working while you study, meaning you don’t have to take time off from your career. This enables you to apply what you learn directly to your job, enhancing your skills and increasing your value to your employer in real-time.
  • Expand Your Professional Network: Many online MBA programs offer networking opportunities through virtual events, forums, and group projects. This allows you to connect with professionals from various industries and geographic locations, potentially opening doors to new career opportunities.

Choosing an affordable, online MBA program with no GMAT requirement offers a balanced approach to advancing your education and career. It’s an ideal option for those who prioritize flexibility, cost-effectiveness, and the ability to leverage professional experience in the classroom.

Why are MBA Programs Waving the GMAT?

Schools are finding that waiving the GMAT requirement helps them bring in students with the necessary skills to succeed. Standardized testing is not the only measure of a student’s abilities or their potential for success in an MBA program. Undergraduate success, work experience, and previous graduate degrees are often considered when waiving the GMAT requirement. However, each school has its own criteria and processes for their online MBA programs, so it’s important to research the options and consider the cost, including in-state tuition.

For students meeting alternative conditions or waiver requirements, providing some documentation may be all they need to do when they sign up for an online MBA. Keep in mind that every school is a little bit different in what they require and how they handle their online MBA program. If you’re considering getting your MBA, and you’re not sure what school to choose, a little research into the options offered can help you pick the right one. Also consider the cost, as in-state tuition may be much less expensive for you.

Top 26 Schools for the Most Affordable Online MBA No GMAT

We have selected 26 of the best schools for the most affordable online MBA programs that do not require a GMAT. These programs are ranked  based on their low tuition and enrollment numbers.

Affordable Online MBA Ranking Methodology

Each of the schools in this article is ranked according to the program’s total credit hours required to complete an MBA and the overall tuition rate. While efforts have been made to provide accurate information, please note that these results are not guaranteed and are subject to change. If you work at one of the schools listed and notice any errors or misrepresented information, please reach out to us for corrections. If you would like your school to be ranked, we would be interested in speaking with you as well.

MBA Accreditation

When pursuing an MBA, it’s important to attend an accredited school. Accreditation ensures the value of your degree for future employment. There are two types of accreditation to consider: institutional accreditation and Association to Advance Collegiate Schools of Business (AACSB) accreditation. While AACSB is not a requirement for a valid MBA degree, it is a valuable distinction to have.

MBA Scholarships, Grants, and Other Financial Aid

Financing an MBA can be a significant challenge, but there are numerous scholarships, grants, and financial aid options available to help ease the burden. Exploring these opportunities can make a substantial difference in managing the cost of your education, especially when combined with the affordability of online MBA programs. Here’s a comprehensive look at the types of financial aid that may be available to you:

• Scholarships:
  • Merit-Based Scholarships: Many universities and private organizations offer scholarships based on academic excellence, leadership qualities, or professional achievements. For example, the Forte Foundation provides scholarships specifically for women pursuing MBAs, aiming to increase gender parity in business leadership. Similarly, the National Black MBA Association provides scholarships to students who demonstrate leadership, academic excellence, and a commitment to their communities.
  • Need-Based Scholarships: Some scholarships are awarded based on financial need. Such programs provide funds to students who demonstrate significant financial need, helping to reduce the financial barriers to obtaining an MBA.
  • Field-Specific Scholarships: There are also scholarships tailored to specific fields of study or industries. For instance, the American Association of University Women (AAUW) offers Career Development Grants to women pursuing MBAs in fields where women are underrepresented.
• Grants:
  • Federal and State Grants: While grants are more commonly associated with undergraduate education, some federal and state grants may be available to graduate students, particularly those who demonstrate financial need. The Federal Pell Grant, though primarily for undergraduates, can sometimes apply to post-baccalaureate programs.
  • Employer-Sponsored Grants: Some employers offer grants or tuition assistance programs to employees seeking to further their education. This is especially common in larger companies that view advanced education as an investment in their workforce. For example, companies like Deloitte and Google have been known to provide educational grants to employees pursuing MBAs.
• In-State Tuition and Resident Scholarships:
  • In-State Tuition Benefits: Attending a public university in your home state can significantly reduce your tuition costs. In-state tuition rates are generally lower than out-of-state rates, making it a cost-effective option for residents.
  • State-Specific Scholarships: Many states offer scholarships or grants to residents attending in-state universities. For example, the Texas Higher Education Coordinating Board provides the Texas Public Educational Grant (TPEG) to in-state students, including those pursuing graduate degrees like an MBA.
• Other Financial Aid Options:
  • Federal Student Loans: Federal loans, such as the Direct Unsubsidized Loan and the Direct PLUS Loan, are available to graduate students. These loans offer fixed interest rates and flexible repayment plans, making them a popular option for financing an MBA.
  • Private Loans: While private loans can help cover the gap between tuition and other financial aid, they often come with higher interest rates and less flexible repayment options. It’s important to carefully consider the terms and conditions before taking out a private loan.
  • Work-Study Programs: Some MBA programs offer work-study opportunities that allow students to earn money while gaining relevant work experience. This can be an excellent way to offset tuition costs while enhancing your resume.

Exploring these scholarships, grants, and other financial aid options can greatly reduce the financial burden of obtaining an MBA. By combining these resources with the affordability of online MBA programs, you can make your educational goals more attainable.

Budgeting Tips While Earning an MBA

When pursuing an MBA, budgeting your time and money is crucial. Balancing work, school, and other responsibilities can be challenging. Consider these key budgeting tips:

• Have a plan for your income while you study, such as work, savings, loans, grants, or a spouse/partner’s support.
• Budget your time effectively to ensure you can manage all your commitments.
• Set money aside for school supplies and additional expenses.
• Regularly check in with yourself to manage your well-being and adjust your pace if needed.

Being prepared and budgeting for the demands of an MBA program will contribute to your success.

However, budgeting for an MBA program can be an excellent way to advance your career and do more in your field, making it one of the best choices for an overarching degree. With concentrations and specializations offered by many schools, you can also consider whether increasing your school budget to attend a university that meets your specific future career goals may be the right choice in the end. A higher budget can be well worth it if there is a specific need.

Getting an Online MBA with No GMAT

There are over 100 schools that do not require the GMAT for an online Business Administration degree. Holding an MBA opens doors to various high-paying careers, such as management consulting, financial management, marketing management, human resources management, and business development management. The average salary for professionals in management positions exceeds $100,000, according to the U.S. Bureau of Labor Statistics.

Admission Requirements Without the GMAT

While many schools are waiving the GMAT requirement, they still have specific qualifications for their MBA programs. Common requirements include advanced degrees, work experience, high undergraduate GPAs, professional licenses, letters of recommendation, and personal essays. It’s essential to review each school’s admission requirements before applying.

• Advanced degrees – If you already have an advanced degree in another field, then you can usually get into an MBA program without the GMAT.
• Experience – Many schools accept several years of work experience in place of the GMAT score.
• GPA – A high GPA from your undergraduate program may allow you to enter your MBA program without additional testing. Most schools have a minimum GPA requirement for their applicants.
• Licensing – If you hold a professional license in business, talk to your school about using that instead of your GMAT score to get into an MBA program.
• Letters of recommendation – Schools that admit students without a GMAT will ask for letters of recommendation from professional colleagues or past college professors.
• Personal essay – A personal essay will show your passion and interest while also showcasing your writing abilities.

Ultimately, you will need to check the school’s requirements to see what you need to submit, as these are going to vary from one institution to the next.

MBA Salary and Career Options

Having an MBA offers a range of high-paying career opportunities. Some popular career options for MBA graduates include management consulting, financial management, marketing management, human resources management, and business development management. Median salaries for these roles range between $101,216 and $133,380 per year.

Here are some career options:

Management Consultant

Management consultants work with the executives in a company to find the organization’s challenges and gather the information to meet those needs head-on. They develop solutions that the business can implement to overcome these problems. Companies may hire management consultants when they have a big project to work on. Indeed estimates a median salary of approximately $90,000 a year for these professionals. They also often have many non-cash benefits.

Financial Manager

Financial managers are the management professionals that direct investment and create financial reports. They are responsible for developing plans that achieve a company’s long-term financial goals. The Bureau of Labor Statistics expects to see a 16% growth from 2022 to 2032 in this field, which indicates it is in high demand. The median salary for 2023 was $156,100 a year.

Marketing Manager

Advertising is critical to the success of any company. MBA grads with a marketing focus can step into the roles of marketing managers, which are the professionals that oversee the promotions and marketing for a company. Marketing managers also help develop a company’s brand. The expected job growth in this field is 7% between 2022 and 2032, and the median salary is $157,620 a year, according to the BLS.

Human Resources Manager

Human resources departments are the connection between a company’s leadership and its workers. Human resources managers plan and direct the HR departments for companies. They ensure employees are happy and their needs are met well by the company. While this role is expected to see only average growth from 2022 to 2032, the income potential is high, with a median of $136,350 a year, according to the BLS.

Business Development Manager

Business development managers are responsible for planning and directing the programs that help a business grow and develop. The goal of a business development manager is to help the company grow by developing strategic plans, training employees, and improving sales. The median income per the BLS is $125,040 a year.

Why Earn an Online MBA?

There are several benefits to pursuing an online MBA without the GMAT requirement. It allows flexibility for students who have family or job commitments. It also offers a chance to enhance existing experience or move into a new field. An online MBA provides opportunities for career advancement and a global perspective. Additionally, the affordability of online MBA programs makes them an attractive option.

How Affordable are Typical Online MBA Programs?

Typical online MBA programs without a GMAT requirement can range from under $400 per credit hour to a total cost under $11,000, depending on the program’s credit hour requirements.

Are Online MBA Programs Cheaper Than Traditional MBA Programs?

Online MBA programs can be more affordable than traditional programs because they don’t require room and board or commuting expenses. Some online programs may also have lower operational costs compared to on-campus programs.

Online MBA No GMAT Admission Requirements

Online MBA programs without a GMAT requirement usually require transcripts, a minimum GPA (often 3.5 or higher), bachelor’s completion in a related field, letters of recommendation, and work experience. Requirements may vary for each program.

What Do Online MBA Programs Require Instead of GMAT Scores?

Instead of GMAT scores, online MBA programs typically require letters of recommendation, a solid GPA, coursework in a related field, and a letter of intent. Some programs may also consider work experience and recommendations from employers.

Online MBA Curriculum

An online MBA curriculum varies based on the specific area of study. Core courses applicable to most MBA programs usually cover topics such as accounting, business law, business ethics, economics, marketing, and entrepreneurship.

A typical MBA program curriculum might include the following:

• Management: This includes subjects like organizational behavior, leadership, and business strategy.
• Finance and Accounting: This segment covers financial management, managerial accounting, and corporate finance, teaching students how to manage finances, understand financial statements, and evaluate investments.
• Marketing: Topics like marketing strategy, consumer behavior, and digital marketing are covered. Students learn how to position products, analyze market needs, and develop advertising strategies.
• Operations Management: This area deals with the processes involved in production and the efficient delivery of goods and services.
• Human Resources: Students delve into areas like talent acquisition and retention, talent management, employee relations, and HR strategy.
• Economics: Macro and microeconomics courses provide insights into economic principles, market structures, and the broader economic environment affecting businesses.
• Business Analytics and Information Systems: Courses in this segment focus on data analysis, business intelligence, and information systems management.
• Ethics and Corporate Social Responsibility (CSR): Businesses are increasingly being held accountable for their impact on society and the environment. These courses focus on ethical decision-making and the role businesses play in the broader societal context.
• Global Business and Strategy: Students learn about international business environments, cross-cultural management, and global strategy.
• Entrepreneurship and Innovation: For those looking to start their own businesses or drive innovation within existing organizations, courses in this area teach students about startup dynamics, innovation strategies, and venture financing.

In addition to these core courses, MBA programs often offer electives or specializations in areas like healthcare management, real estate, luxury brand management, or technology. Such courses allow students to explore and develop specific areas of interest. Most MBA programs also include capstone projects, internships, or consulting projects to provide practical, hands-on experience.

Online MBA Concentration Options

Online MBA programs offer various concentrations to align with specific career paths. Examples include business analytics, project management, sports business, healthcare management, general, marketing, leadership, and cybersecurity.