The Most Affordable MBA Programs of 2023

Students looking to pursue MBAs may worry about student debt and salary potential for prospective careers. Professionals who typically hold MBAs, like medical and health services managers, can earn salaries exceeding $100,000.

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.

Top 5 Most Affordable MBA's of 2023

The rankings above provide essential information about the most affordable online MBA programs of 2023. View details about the schools, the individual degrees, and overall outcomes based on independently reported, nonpartisan data.

Some schools have additional programmatic accreditation through the Association to Advance Collegiate Schools of Business (AACSB) or the Accreditation Council for Business Schools and Programs (ACBSP)

Why Get an Affordable Online MBA?

The COVID-19 pandemic has triggered rapid growth in online education, including MBAs. The Graduate Management Admissions Council (GMAC) reported a growth in graduate business school applications from 2019-2020. Likewise, the National Association of Colleges and Employers projects the average starting salary for winter 2021 MBA grads to increase 11% over winter 2020 graduates — from $79,040 to $87,970.

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.

The Cost of Online MBA Programs

Overall, MBA program costs are on the rise. According to a 2021 report from BusinessBecause, the cost of an MBA has increased by 4.7% from 2020-2021. Cost of tuition alone increased by 7.6%. An MBA from a top-ranked school now costs $176,000 on average, BusinessBecause reports.

According to BusinessBecause's report, non-U.S. MBA prices are growing at the fastest rates. Even so, U.S. MBAs are still the most expensive, with tuition averaging $148,978. That said, online MBAs may be cheaper than in-person MBAs, cutting out commuting and housing expenses.

Prospective learners seeking cheap online MBAs should consider the following factors before they apply:

• Accreditation: Students seeking affordable online MBA programs should ensure each school's accreditation status. Regional accreditation represents the highest standard of excellence. National accreditation typically applies to for-profit and vocational institutions. Prospective students can also seek programs boasting programmatic accreditation from the Association to Advance Collegiate Schools of Business, the Accreditation Council for Business Schools and Programs, or the International Accreditation Council for Business Education.
• Affordability: Top programs ensure that students can graduate without incurring overwhelming debt or personal hardship. They may offer low tuition rates or reduced rates for online students. Some schools bridge the affordability gap by offering financial aid to online MBA students. At Creighton University, for example, 100% of online MBA students receive some amount of financial aid.
• Post-Graduation Success: MBA programs often advertise their graduates' success by detailing alumni salaries, promotions, employment rates, and impressive employers and/or job titles. Prospective students should research each program's graduation rate. Schools with graduation rates of 70% or higher tend to reflect a positive student experience.
• Online Resources: The best affordable online MBA programs ensure that distance learners benefit from access to university resources, like career centers, libraries, tutoring, and networking opportunities. Programs with large percentages of online students often prioritize distance learners and devote significant resources to their experience.
• Robust Curricula: Prospective students should seek programs offering rigorous curricula and ample opportunities for program and community involvement. Whether pursuing affordable online MBA programs or on-campus experiences, learners should compare degree offerings to ensure they can graduate with the expertise to succeed in the job market. Course offerings vary, but the best MBA programs provide foundational business knowledge and in-depth coverage of any concentration topics.

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.

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. Institutions tailor their curricula to accommodate 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. Most require GMAT and/or GRE scores, academic transcripts, personal statements and/or recommendations, and 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.

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 and Practice: 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.
• Principles of Management: Graduates often earn leadership positions that require strong proficiencies in resource management and decision-making. This course examines crucial managerial principles, including management theory, motivational strategies, and the qualitative and quantitative factors that drive decision-oriented analysis.
• Business Ethics: In the age of social media and mass instant communication, businesses need to pay closer attention than ever to the ethical soundness of their practices. This course uses practical examples and dilemmas to examine theories of business ethics in real-world settings. Students learn how to balance and manage ethical concerns against the business's bottom line.
• Quantitative Analysis: Business managers and executives analyze data to minimize costs and maximize profitability. This fundamental course applies data analysis to inventory management, scheduling, project management, and other key operational aspects.

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.

Check out our guide on 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 Travel: Whether 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 Size: Smaller 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 Prestige: Some 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-Campus: Affordable 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 have no GMAT requirements.

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.

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.

How to Save Even More Money on Your Affordable MBA

After choosing an affordable MBA program 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.

Frequently Asked Questions About Affordable Online MBA Programs

Who has the most affordable online MBA program?

UF offers the most affordable online MBA program. Three schools based in Texas and an exclusively online institution round out the top five most affordable online MBA programs for 2023.

Is an online MBA degree less valuable?

An online MBA is not less valuable than its on-campus counterpart. Online MBAs include the same classes, are taught by many of the same instructors, and have identical outcomes to traditional MBAs.

What’s the average cost of an online MBA degree?

The cost of an online MBA varies by institution, degree, and student. The average cost of an online MBA can be as little as one-third that of a traditional MBA.

Can I get an MBA without the GMAT or GRE?

Yes. Some business schools do not require applicants to submit GMAT or GRE scores. In other cases, candidates with extensive professional experience can waive GMAT or GRE requirements, creating another avenue to test-free entry.

How do I get my GMAT waived?

Business schools that offer GMAT waivers usually reserve these options for students with professional or military experience. To receive a GMAT waiver, a candidate usually writes a compelling letter to the school that explains the basis for their request and provides complete supporting documentation.

How long does it take to prepare for the GMAT?

The time it takes to prepare for the GMAT depends on your test-taking abilities and the amount of time you can dedicate to studying each day. You may want to spend three months or more preparing for the exam, depending on your schedule and goal score.

Are MBA programs that do not require the GMAT good?

Yes. GMAT requirements typically do not reflect the program's quality. Most top business schools do not require standardized tests and instead emphasize other parts of a student's application. Similarly, many excellent undergraduate programs no longer require the SAT or ACT.

What GPA should I have if I am not taking the GMAT?

Business schools often post minimum GPA requirements on their websites, but a high GPA increases your chances of getting into any business program. Schools that waive GMAT requirements often require a minimum 3.5 GPA.

Do online MBA programs require the GMAT?

Online MBA programs generally share the same admission requirements as on-campus programs. Some online business programs require that applicants take the GMAT, while others do not. Carefully research each school's requirements to find out whether or not you need to take the GMAT.

Are there any MBA specializations that do not require the GMAT?

Yes. However, you may find slightly different admissions processes and requirements for various MBA tracks within one university.