19 Most Affordable Online MBA Programs in 2024 (Online & On-Campus)

Earning an MBA can be an investment in future opportunities, increased compensation, and career advancements. Students desiring to earn an MBA can either attend full-time or part-time programs, although both programs will result in an MBA. An MBA can provide the knowledge and skills to start a new business and many employers require employees to hold an MBA for certain management or leadership positions.  

Earning an MBA can cost a lot of money depending on the school and the opportunity cost of enrolling in a full-time program rather than being employed. The good news is there are very affordable options for online MBA programs.  

Top 5 Most Affordable Online MBA Programs

Thinking about applying to an online MBA program? Students don’t need a 4.0 to be accepted but plan on having a competitive GPA such as a 3.5 or higher for a mid to high tier program. Students will also need to take the GMAT and have their scores accessible at the time of applying for a program.  

With online degrees becoming more widely available and accredited students don’t need to invest $100K into their MBA. Some of the cheapest online MBA programs provide the same outcomes as their more expensive counterparts, an accredited MBA degree, knowledge and skills, internship opportunities, and future employment opportunities.  

19 Cheapest Online MBA Programs

Invest in your future today by enrolling in one of the many online MBA programs across the nation. With the cheapest online MBA programs that are each fully accredited listed out, the next step is to choose the best fit for your career goals. Earning an MBA from a reputable and accredited institution is the next step to a more fulfilling career and increased opportunities in management, leadership, and entrepreneurship.  

Those programs have been ranked using a matrix of cost, graduation rate (where available), and MBA’s with a variety of concentrations. 

A Master’s degree in Business Administration, international business, or any other business specialty can be exactly what you need to get started on a lucrative new career or to advance in the career you already have. Prospective students have a lot to think about when choosing a program and how they want to proceed for their next step in business school.

It is no secret that a master’s degree can cost you an awful lot of money. In fact, in the United States today, there is a student debt crisis. The cost of education has risen to the point where students now owe a collective $1.56 trillion at the federal level. Most of this money was loaned to graduate students.

Fortunately, there is a wide range of programs available that you can pursue without filing for bankruptcy or drowning in student loan debt. Among the most affordable are online MBAs. In the digital era, these programs are more popular than ever. Online eMBA programs are convenient, affordable, and flexible. They allow you to retain control of your life while you study. If you’re working simultaneously, this can be integral. 

If you’re interested in pursuing education as a graduate student but are conscious of the cost, it might be worth looking into an online MBA program. Getting an online MBA degree is convenient, affordable, and flexible. In the digital era, there is no shortage of program options for graduate students. Online students can attain degrees from advance collegiate schools in very particular fields. 

To make things easier, we’ve put together a great guide to the most affordable online MBA programs out there in 2021. These eMBA programs can help get you started on a new path or simply put you a little further down the one you’re already taking. 

Benefits Of Getting An MBA In Your Field

An MBA is one of the most sought out degrees among employers today. That’s because a Master’s in Business Admin sets you up with the skills and know-how to succeed in business. It is a highly specialized program which teaches you how to take your work in a particular area to the next level

There is a wide array of benefits that come with a master’s degree in business. One is the financial compensation that comes with completing graduate level education. MBAs are one of the most lucrative business degrees out there. When it comes to earning power, a specialized master’s, like business analytics or international business, is the best option when choosing a program. 

A Master’s in Business Administration with a concentration in business analytics trains students in the ever-changing business analytics field. It also provides them with an extensive managerial toolkit. We cannot deny that the way we do business is changing faster than ever. In this world, being able to do something niche, like accurately analyzing statistics using predictive modeling and state-of-the-art technology, is a huge advantage. Education like this can set you up for a strong and exciting career.

Whether you want to advance in your current company or only want to become a better entrepreneur, this degree can be just what you need to give you that little boost, of course, assuming that you do not take on unnecessary debt in the process. While a master’s degree can be incredibly rewarding, it is important to be conscious of the cost. Make sure that the program you’ve decided on is affordable if you don’t want to take out student loans or worry about federal financial aid.

It is a common misconception that entrepreneurs are entirely self-taught. Many highly successful entrepreneurs have completed an executive MBA at a business school, either in person or through distance learning. Likewise, many of those who have pursued business degrees have gone on to start successful businesses. As any business person will tell you, it is not the diploma that matters. It’s what you learn. Of course, it is possible to go through a business degree and gain almost no practical business acumen, but with the right type of engagement, it is possible to develop in hugely beneficial ways. 

An MBA builds upon an already existing foundation of business skills. It sharpens, heightens, and harnesses the tools that you already have and teaches you entirely new ones. An advanced business degree focuses on management, leadership, innovation, initiative, and the subfields of business. More specifically, a master’s degree in business admin will focus upon a certain concentration within areas such as finance, human resources, marketing, accounting, organizational behavior, or supply chain management.  

How can an MBA land you a job?

If you’re already in the workforce, an MBA can help you advance your career. Returning to school to pursue advanced education demonstrates that you have initiative, drive, and dedication. Also, it gives you the technical expertise and credentials to advance to a management position. 

If you are entering the workforce for the first time, a master’s degree can give you a  leg up over the competition. When an employer sees that you have a business degree, they know that you have a toolkit and base of knowledge. They also know that you have the qualities necessary to undertake and complete an MBA in the first place, which is no easy task. 

One of the many benefits of going back to school is the pay increase. Studies have shown that the median starting salary for an MBA graduate can be between $78,000 and $95,000, which is not only far higher than the average starting salary of a business graduate, but it also tends to increase faster. Further, the average working salary of a person with an MBA is $134,991. Of course, not everyone with this type of degree is making that much. Some other studies have suggested that the actual average pay is somewhere closer to $88,000.

An advanced degree in business can also help you secure a job in the first place. MBAs are one of the most consistently high ranking degrees when it comes to employability. They are also highly versatile. People with MBAs go into fields from marketing to finance. They take on positions as wide-ranging as human resource officers and risk management consultants. 

Here are just a few of the positions available for people with MBAs:

• Financial analyst
• Sales manager
• Marketing manager
• Accountant
• Budget analyst
• Operations research analyst
• Insurance appraiser
• Logistician
• Purchasing manager
• Management consultant

It used to be the case that being in grad school meant taking a hiatus from your career, taking on debt for the program cost, and spending a year or two in the classrooms of advance collegiate schools. However, getting a master’s no longer needs to be an overwhelming process, even if you’re going to a full time MBA program. Many programs are now flexible, easily accessible, and convenient. If you need a part time MBA program, there are options out there. Many of these online programs can be completed both in class and online, which means that you can get the benefits of classroom learning when necessary but can also take courses from the comfort of your home, from a coffee shop, or while you’re on public transit. 

Unless you have a lot of time and money to spend, a traditional graduate degree can be a headache. If you want to keep working, raise your family, and pay the bills, an online program might be worth exploring. An online MBA can be the right choice for a lot of people. These programs adapt to suit your schedule. In the end, you can cater your degree to your life. Going back to business school should help you get ahead in life – that’s what you’re paying for. A program that sets you back in your career, buries you in debt, or hurts your relationships is probably not worth the investment.

Pros And Cons Of Getting The Cheapest MBA

In the end, any degree’s value is the education it gives you, the network it provides you with, and the certification you receive from it upon completion. Each of these things is valuable. One of the perks of attending a large and prestigious in-person degree program is that it provides you with ample access to resources, including human resources. At a prominent school, you might have access to professors or peers with excellent connections, hiring potential, or expertise. 

On the other hand, attending a large and prestigious in-person school for a graduate degree will require a huge amount of time, money, and effort. For many people, taking the time to attend business school full time is simply not viable. For most people, it is unaffordable. Even many of those who pursue traditional university degrees cannot afford them. For that reason, 70% of students in the United States graduate with debt. 

As you can see, there are both pros and cons to the different paths available to you. Here is a little breakdown of some of the advantages and disadvantages of online MBAs as opposed to traditional MBAs:

Advantages

• Low program cost and tuition rate
• Flexible schedule
• Can often be done online
• Allows you to save while you study
• Can often start a career more quickly

Disadvantages

• May be less impressive to certain employers
• Less immersive experience
• Less networking potential

Whatever you decide, it is important to carefully consider the advantages and disadvantages of both before applying to either. When making the decision, it is worth seriously taking stock of your own needs, which means thinking hard about why you are deciding to go back to school in the first place and what you hope to accomplish as an MBA student. Doing so will help you to clarify what you need out of the program itself. 

Though online MBAs are more popular than ever and are more immersive and comprehensive than ever, it is still worth taking stock of several considerations before applying to one. For example, you should not assume that the mere fact that you are pursuing an MBA makes the school relevant to your business field. Make sure that the affordable options on your list are also relevant. If they are not, an MBA will not be helpful to you. 

Secondly, it is also worth considering the caliber of instruction at the school. Many online business school programs have excellent instruction and sophisticated learning systems. However, there are still some out there that are not up to par. Make sure to look into the instructors, the course offerings, the syllabi, and other related factors. The qualification itself is not always entirely indicative of the education you have received. Unfortunately, all MBAs are not equal. 

Thirdly, examine the actual structure of the program you’ll complete as an MBA student. For instance, it is worth looking into the balance of classroom versus practical education offered, GMAT score requirements, the internship opportunities, the nature of assignments and testing, the course structure, and the available seminars and lectures for online students. Generally, having a healthy mix of the previously mentioned aspects is best to provide you with a well-rounded education and a solid framework from which many successful business careers with an MBA can be built. 

As you have probably discovered by now, there are several pros and cons to pursuing a more affordable MBA degree option. These degrees can set you up for future success with minimal obstruction, financial burden, or delay. However, it is important to make sure that the program in question is extensive, comprehensive, and reputable. Otherwise, it may be worth paying slightly more and getting a better education.

Financial Assistance Options To Help With Your MBA

A master’s degree in business administration can be just what you need to propel your business career. It can enable advancement, education, and, of course, an increased paycheck. However, the education itself can end up costing a fortune. Without financial assistance, this expense can make the degree seem like more of a burden than a blessing. Fortunately, there are many different ways to secure financial assistance. 

The financial assistance available to you depends on your situation. For some, government aid covers much of the cost of university. For others, employers can cover much of the tuition. There are also private scholarships, research grants, or other bursaries to help cover costs. 

If you are already in the workforce and are returning to school to perform your job better or advance within your company as an MBA graduate, your employer may offer funding or tuition rebates. For instance, banks such as Wells Fargo and Bank of America offer tuition financing to employees attending school for purposes relevant to their company. Before paying out of your pocket, it is worth looking into your own employer’s education programs.

When approaching your employer about financial assistance for further education, frame your proposal from the perspective of your employer. Think about the specific ways that this education or degree program will benefit your boss – what ways will it directly improve your performance, what relevant skills will you learn, and what opportunities will open up as a result? Remember, your improved education will lead to growth and prosperity on the side of the company. When you are better at your job, the company also benefits. Often, the company benefits far more than you do. As a result, it is in the company’s interest to help you attain further education. Demonstrating why you are the perfect candidate for further advancement is also important. Without denigrating your current position or role, illustrate the potential changes that will make you even more integral and effective to the overall operation if you complete an online MBA program. 

If you are currently out of work or are entering a program directly out of school, you may qualify for financial assistance from the school, the government, or private funders. Many bursary options are for people with lower incomes or limited support. These funds tend to be allocated according to need rather than grades to account for the lack of opportunities afforded to certain people and afforded to others seemingly naturally. If you think you might qualify for financial assistance, speak with the registrars and financial offices at your school. Also, look at government websites to determine what public and state options apply to your particular situation. 

One of the biggest sources of financial assistance for graduate studies is scholarships. Scholarships are probably the most well known but least understood methods of funding. These forms of aid can range from a few hundred dollars to tens of thousands of dollars. There are typically three scholarship sources: the government or public scholarships, private scholarships, and scholarships from the educational institution. Scholarships are, essentially, funds provided to students deemed particularly deserving of them by the funder in question, which might mean that a scholarship is for women in business, high achievers, talented athletes, or international students. 

As scholarships are often very particular, many of the scholarships offered are likely unavailable to you. However, it is also likely that the competition pool of others vying for the same scholarship as you is fairly small. As a result, scholarships can be one of the best and most effective ways to attain funding. One of the best ways to find out about scholarships available is to reach out to the financial aid office at the schools you are considering. You can also learn about offered scholarships by speaking with a guidance counselor, a grant agent, a professor or employer, or a former student. 

Often, scholarships are capped, which means that you can receive multiple scholarships but will not receive so many scholarships that it exceeds a certain dollar amount to ensure that scholarships are not all afforded to the same student. It also means that it is possible to fund all of your studies, and often your living costs, on scholarships. 

Financial aid can make the difference between making a master’s degree worth it and making a master’s degree a burden. Prove your business acumen early by making the most out of the funding opportunities available to you.

Top Affordable Online MBA Programs

An eMBA can be a huge step forward, both personally and professionally. As we’ve already discussed, it can also be expensive. Fortunately, a graduate program no longer needs to be expensive to be beneficial. There is a huge range of great, affordable MBA programs out there. 

Affordable MBAs are generally cheaper because they reduce the physical and material resources and facilities offered to students. For some students, physical resources and facilities are necessary to learn effectively. For others, they are unnecessary and can become an additional expense. 

The five most affordable best MBA programs include:

1. Oklahoma State University
2. Sam Houston State University
3. William Woods University
4. Texas Tech University
5. University of Central Arkansas

These degrees all offer highly flexible and versatile structures. They are great for people who need or want control over the nature of their studies. Many of these programs also offer in-person options. For instance, Oklahoma State University’s online degree is accredited by the Spears School of Business and taught by the same professors who teach on campus. However, the online program is designed to be completed in 12 months and can be taken part-time. 

The Sam Houston State University accommodates students from any discipline, helping people from many fields enter the business world. As business embeds itself in society, engagement from those not typically interested in business practice benefits the overall economy.

Different MBAs focus on different areas of business. Some of the most common concentrations include the following: entrepreneurship, agri-business management, supply chain management, media management, information technology, and international business. A range of these concentrations is usually available at large schools. 

Affordable MBA programs often offer concentrations in Information Technology, Marketing, Finance, and Healthcare Administration. These also happen to be some of the best concentrations in terms of financial compensation. Some of the most lucrative MBA concentrations include Information Technology, Internet Marketing, Management Information Systems, and Agri-Business.

All of the aforementioned programs are well respected, accredited, and rigorous. They are, however, far more convenient, affordable, and versatile than a traditional degree. These programs use digital technology to reduce costs and offer dynamic and sophisticated education programs without the typical cost of in-person instruction.

MBA Benefits

An MBA teaches you leadership, management, and business skills. More specifically, it provides you with a foundation and framework for business success. After pursuing a master’s, you should have a good understanding of the various areas of business, allowing you to evaluate the overall functionality of the business. Also, you should have specialized expertise in a few particular areas. These areas can range from Transnational supply channels to predictive analysis or Managerial Information Technology.

Whether you’re starting on a new career path or hoping to advance your current position, a Master’s in Business Administration can be exactly what you need. For those with a bachelor’s degree in business, a graduate program can take the framework they’ve established and build upon it. However, it can also end up costing quite a bit of money. If you aren’t careful, you can wind up redirecting all of your new earnings to student loan payments. 

Fortunately, there is a wide range of programs available that you can pursue without filing for bankruptcy or drowning in student loan debt. Among the most affordable are online MBAs. In the digital era, these programs are more popular than ever. Online MBAs are convenient, affordable, and flexible. They allow you to retain control of your life while you study. If you’re working simultaneously, this can be integral. 

Some of the cheapest online MBA programs include those at Oklahoma State University, Texas Tech, William Woods, Sam Houston State University, and the University of Central Arkansas. These programs are all well-rounded, versatile, and respectable. They offer a range of concentrations in highly lucrative areas. 

It is also possible to receive significant financial support while undertaking a study. For some people, their graduate studies don’t cost a dime. Some people come out the other end with a surplus. If you’re interested in pursuing an MBA, make sure to look into all of the funding options available to you, including financial aid, grants, private and public scholarships, and funding available at the state and federal level. This is a great opportunity to test out your business acumen. 

In conclusion, an MBA can be a rewarding and lucrative option. It can open up the potential for new experiences or can simply help you advance. If you’re planning to pursue a Master’s in Business Administration, make sure to check out all of your options. For many, an online MBA will be the most accessible and affordable option there is.