Top 5 Affordable Online MBA Programs | No GMAT Requirement

| OnlineMBA.com Staff Updated on June 29, 2022

Top 5 Affordable Online MBA Programs | No GMAT Requirement

Are you ready to discover your MBA program?

Whether your goal is to become the next CEO of a Fortune 500 company or you want to finally launch your own business and take control of your daily schedule, earning an affordable online MBA is a great way to progress towards your career goals without putting your current job on hold. If you've been putting off earning an online MBA because you haven't taken the GMAT, consider applying for online MBA programs with no GMAT requirements.

To help make your search easier, we've compiled a list of the best online MBA programs that do not require GMAT scores. We'll also discuss the benefits of earning an online MBA, common MBA curricula, and how to select the right program for your needs.

What Is the GMAT?

GMAT stands for Graduate Management Admission Test. Students take this timed, multiple-choice test online. Test-takers get three hours and seven minutes, which includes one 62-minute section, two 30-minute sections, and one 65-minute section. The purpose of the test is to determine a baseline of an individual's analytical, writing, quantitative, verbal, and reading skills.

Some schools set rigorous standards for GMAT scores, such as a minimum requirement of 740 or above. But luckily, you can still find many quality programs that don't require you to take the test at all.

Online MBA Programs for You

Grow your career, leadership, and business acumen with an accredited online MBA program.

Why Should You Get an Online MBA?

Earning an MBA opens more doors than you could imagine. This degree does more than just impress potential clients and employers. It also provides learners with the skills they need to effectively manage a business, whether it is a small enterprise or large corporation. On average, individuals with this degree earn $91,000 per year, according to PayScale as of December 2021.

This degree doesn't just position you to become a business owner. Professionals who earn their MBA often go on to become project managers or senior financial analysts. You could even start your own consulting firm to help entrepreneurs grow their businesses.

Earning this degree online allows you the flexibility to complete your education on your own schedule from anywhere with WiFi. Many full-time, in-person programs make it difficult to juggle a full-time job and maintain a healthy personal life. By pursuing your degree online, you can still earn money by working at your full-time job, and you can even apply what you are learning through your online studies to your current workplace.

What Can You Do With an MBA?

Chief Executive Officer

A chief executive officer (CEO) oversees an entire organization. They are in charge of making most major executive business decisions with help from a trusted board of advisors. CEOs help department directors set manageable goals and create strategic plans for reaching those goals. These professionals must also maintain positive relationships with company stakeholders to protect the company's future.

On average, CEOs make $156,520 per year, according to PayScale as of December 2021. The Bureau of Labor Statistics (BLS) projects employment of top executives to grow by 8% from 2020-2030.

Vice President, Operations

The vice president of operations is in charge of overseeing a company's day-to-day operations rather than big-picture concepts. These professionals must possess strong leadership and evaluation skills to help guide a business's performance. They must also evaluate resources to enhance their company's outputs, look for new revenue streams, and identify cost-efficient solutions to problems.

These executives make an average of $131,490 per year, according to PayScale as of December 2021. The BLS projects employment of top executives, including vice presidents of operations, to grow by 8% from 2020-2030.

Divisional Vice President, General Manager

A general manager divisional vice president typically oversees one division within a large company. They must ensure that the employees within their division have safe and healthy working environments where they can meet their goals. These VPs also aim to make their department more profitable and constantly evaluate ways to increase revenue.

According to PayScale, these professionals made $137,700 per year on average as of December 2021. Like other top executive positions, the BLS projects employment in this career to grow by 8% from 2020-2030.

Administrative Services Manager

Administrative services managers oversee supportive functions within organizations. Such services may include bookkeeping, office maintenance, and mail distribution. Common job responsibilities include creating goals for their department, overseeing maintenance of company equipment and electrical systems, and ensuring that work environments meet safety and health regulations.

On average, these professionals make $98,890 per year. The BLS projects employment in this career to grow by 9% between 2020 and 2030. Most of these professionals work 40 or more hours per week.

Project Manager

These professionals oversee projects on behalf of a company. Typically, projects have set start and end dates, and when one project finishes, a project manager receives a new one. Sometimes, these individuals must manage more than one project at a time. They work to create realistic timelines and goals and delegate tasks. To thrive in this position, candidates must possess strong communication and organization skills.

On average, project managers earn $75,520 per year, according to PayScale as of December 2021.

Online MBA Curriculum

Before signing up for a no-GMAT MBA program, make sure to research the required curriculum. Program topics can vary significantly from program to program. Schools typically offer different concentrations and focus areas, so look for a program with courses in your field of interest. Below, we've listed three common classes that you can expect to take during an MBA program.

  • Accounting Concepts for Managers: Accounting MBA classes typically focus on leadership in tasks such as bookkeeping, budgeting, and financial analysis. This class covers basics in accounting, so it suits learners who have never taken an accounting class before.
  • Fundamentals of Economics: In this economics course, students learn how the economy can affect business operations. This class usually covers microeconomic and macroeconomic theory. Topics may include supply and demand, inflation, trade, and current economic trends.
  • Business Law: Overseeing a business requires in-depth knowledge about legal regulations and ethics. This course covers topics such as contracts, liability, and torts. Business law courses also examine ethics related to sustainability.

Online MBA Programs for You

Grow your career, leadership, and business acumen with an accredited online MBA program.

Additional Online MBA Resources

How to Choose the Right Online MBA

Choosing the best online MBA takes research and dedication. One of the most important factors to consider before signing up for a program is its accreditation status. Choosing a school with regional accreditation rather than national accreditation will ensure that you earn a degree from a reputable school. MBA programs can also earn programmatic accreditation. The Association to Advance Collegiate Schools of Business is one prominent accrediting body for business programs.

An MBA stands out from other business-related master's programs because it provides a broad overview of important business functions, which can position you to become a successful leader in your field. Degrees like a master of management or a master of finance focus on one branch of a business and are better options for individuals who wish to oversee day-to-day business operations rather than big-picture issues.

Of course, cost is another important deciding factor. Luckily, there are many affordable online MBA programs with no GMAT requirements. Although you can hopefully earn a higher-paying job after graduation, choosing a more affordable program can prevent you from paying a hefty student loan bill.

You should also pay attention to the school's location and extracurricular graduation requirements. For example, although some programs may advertise themselves as online-only, they may require you to attend an in-person orientation or internship. In addition, capstone projects and thesis papers could include some in-person requirements.

2022's Affordable Online MBAs With No GMAT Requirement

To rank the most affordable online MBAs with no GMAT requirement in 2022, OnlineMBA started with data from the National Center for Education Statistics. Then, we factored in academics, affordability, reputation, program availability, and online flexibility. To learn more, click the link below.

#1

University of Miami

School Information
Location Coral Gables, Florida
Admission Rate 27%
Graduation Rate 83%
Instituation Type Private
Accreditation Yes Southern Association of Colleges and Schools Commission on Colleges
Percent Online Enrollment 22% Percentage of all students who are enrolled online.

Composed of 12 schools offering 350 majors and programs, UM educates more than 17,000 students from around the world. The school also engages in $324 million worth of research and sponsored programs. 

Online MBA

UM's online MBA helps prepare students to transform global business. This program brings a culturally diverse community and a globally focused curriculum to online learners. Courses include responsible business, management of digital transformation, and innovative strategies for future leaders. 

In addition to their online coursework, learners participate in two immersion experiences — one virtual and one on UM's campus in Florida. Each experience lasts 3-5 days. Program graduates have gone to work for companies, such as Mastercard, Miami Heat, and Norwegian Cruise Line.

New students can begin at one of three start dates throughout the year. UM waives the application fee for applicants who meet the priority deadline.

UM's Affordability

UM assists students in securing aid through scholarships, private loans, federal tuition assistance, and veterans benefits. Enrollees may also receive school-sponsored scholarships. New students should begin their search for financial aid by filling out the FAFSA online. 

Program at a Glance 

  • School Type: Private
  • Accreditation: Southern Association of Colleges and Schools Commission on Colleges; Association to Advance Collegiate Schools of Business; EQUIS
  • Tuition: $2,213 per credit
  • Required Credits: 42 credits
  • Program Length: 20 months
  • Delivery Format: Hybrid (online and on campus)
  • Admissions
    • Process: Submit an application, resume, personal statement, two letters of recommendation, transcripts, and an application fee. 
    • Cost: $100
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#2

University of Minnesota-Twin Cities

School Information
Location Minneapolis, Minnesota
Admission Rate 57%
Graduation Rate 83%
Accreditation Yes Higher Learning Commission
Percent Online Enrollment 30% Percentage of all students who are enrolled online.

The flagship of the University of Minnesota System, UMN serves more than 50,000 students. It is one of five institutions in the U.S. to have an engineering school, agriculture school, law school, medical school, and veterinary school all on one campus.

Online Master of Business Administration

Students in UMN's online master of business administration can broaden their skill set and expand their career interests through the two-year program. 

UMN's courses include business ethics, strategic management, managerial economics, and leading others. The program also includes several electives. Students can pursue a 2.5-year, three-year, or four-year plan to complete the degree. In addition to traditional coursework, learners may take global or on-campus experiences.

Within four months of graduation, 84% of this program's learners received a promotion or switched roles, and 30% obtained a salary increase. The program accepts new students in both the fall and spring.

UMN's Affordability

UMN can help students apply for traditional financial aid, such as federal loans, scholarships, grants, or employer tuition benefits. Enrollees may also maximize their benefits and stagger their personal costs by moving more slowly through the program.

Program at a Glance 

  • School Type: Public
  • Accreditation: Higher Learning Commission; Association to Advance Collegiate Schools of Business
  • Tuition: $1,605 per credit
  • Required Credits: 52 credits
  • Program Length: 2.5 years
  • Delivery Format: 100% online
  • Admissions
    • Process: Prospective students submit an application, a video essay, a resume, transcripts, and proof of two years of work experience.
    • Cost: $75
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#3

Parker University

School Information
Location Dallas, Texas
Graduation Rate 71%
Instituation Type Private
Accreditation Yes Southern Association of Colleges and Schools Commission on Colleges
Percent Online Enrollment 23% Percentage of all students who are enrolled online.

A private university focused on health sciences, Parker offers certificates, associate, bachelor's, master's, and doctoral degrees. Emphasizing evidence-based practice and community services, the school cooperates with 35 private practice partners and the Veterans Affairs hospital.

Master of Business Administration: Online

Parker offers an online MBA focused on healthcare management. Students learn advanced business techniques, critical analysis, and applied research methods.

Courses include accounting for decision-making, global economic environment, and developing ethical leadership. The program also requires 12 credits in one of four specializations and concludes with a capstone project. Specialization options are management, healthcare management, information technology, and practice management. Enrollees begin a new course every eight weeks.

Throughout the program, students learn to manage the day-to-day operations of an organization, along with developing long-term strategy. Using what they discover, graduates may pursue one of several leadership tracks in the healthcare industry.

Parker's Specializations

Healthcare Management | Management | Information Technology | Practice Management

Parker's Affordability

Parker offers a variety of financial aid options, including merit and need-based scholarships. Students may also access federal loans, military tuition assistance, veterans educational benefits, or private grants. The school also offers a portal to increase financial literacy skills.

Program at a Glance 

  • School Type: Private
  • Accreditation: Southern Association of Colleges and Schools Commission on Colleges
  • Tuition: $740 per credit
  • Required Credits: 36 credits
  • Delivery Format: 100% online
  • Admissions
    • Process: Applicants must hold a bachelor's degree in business or a bachelor's degree in another field, plus completion of six prerequisite credits at Parker. Prospective students whose GPA exceeds a 3.0 or who have a GPA of 2.7, plus two years of experience, may waive the standardized test requirement. 
    • Standardized Tests: GRE, GMAT, or MAT
    • Cost: $50
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#4

University of the Cumberlands

School Information
Location Williamsburg, Kentucky
Admission Rate 80%
Graduation Rate 44%
Instituation Type Private
Accreditation Yes Southern Association of Colleges and Schools Commission on Colleges
Percent Online Enrollment 91% Percentage of all students who are enrolled online.

More than 19,000 undergraduate and graduate students are pursuing their education at Cumberland, a Baptist-affiliated college in Kentucky. The school has served students for over 130 years and now offers many programs in online or executive formats. 

Online MBA

Cumberland's online MBA helps prepare learners for advanced management and leadership roles in business. Students gain insight into communications, team building, project management, business analytics, and other marketable business skills.

The 46-credit program requires 21 core credits, nine business credits, 15 credits in a concentration, and a one-credit capstone. Core courses include managerial accounting; strategic decision-making; and business sustainability, corporate governance, and organizational ethics. Students select one of six specializations, including marketing, accounting, and entrepreneurship.

Cumberland offers this program through its Hutton School of Business. Upon graduation students may choose to pursue a doctor of business administration or a doctor of philosophy in business through the same school.

Cumberland's Specializations

Accounting | Project Management | Strategic Management | Entrepreneurship | Healthcare Administration | Marketing

Cumberland's Affordability

Cumberland offers several financial aid options for graduate students, including payment plans and scholarships. Enrollees may also take advantage of private loans, federal financial support, and external scholarships. Cumberland provides financial aid counseling for graduate students.

Program at a Glance 

  • School Type: Private
  • Accreditation: International Accreditation Council for Business Education; Southern Association of Colleges and Schools Commission on Colleges 
  • Tuition: $315 per credit
  • Required Credits: 46 credits
  • Delivery Format: 100% online
  • Admissions
    • Process: Submit an application and application fee along with official transcripts. 
    • GPA: 2.5
    • Cost: $30
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#5

Excelsior College

School Information
Location Albany, New York
Instituation Type Private
Accreditation Yes Middle States Commission on Higher Education

Excelsior College has graduated over 182,000 students. The school offers programs in business, nursing, technology, public service, and more. Students can also take advantage of Spanish-language and bilingual classes.

Master of Business Administration

Excelsior's online master of business administration helps prepare students to advance their careers in strategy, operations, global development, human resources, or digital transformation.

This 33-credit degree requires 24 core business credits and nine credits in one or more concentrations. Core courses include data-driven decision-making, global operations and supply chain management, and strategic talent management in a complex world. Students conclude their program with a strategy and policy capstone experience.

Excelsior's defining characteristic is its willingness to accept credit for prior learning. New students can receive graduate credit for previous training, certifications, courses, and experience. 

Excelsior's Specializations

Cannabis Control | Finance and Accounting | General Business | Healthcare Management | Human Resource Management | Leadership | Marketing

Excelsior's Affordability

Excelsior helps students control costs by maximizing credit for prior learning. Applicants may receive graduate credit for exams, certifications, workplace training, or military training. The school also offers tuition discounts for veterans and members of the U.S. military. 

Program at a Glance

  • School Type: Private
  • Accreditation: International Accreditation Council for Business Education; Middle States Commission on Higher Education
  • Tuition: $695 per credit
  • Required Credits: 33 credits
  • Program Length: 1 year
  • Delivery Format: 100% online
  • Admissions
    • Process: Submit an application and evidence of having earned a bachelor's degree in economics, business, accounting, sports management, human resources, or marketing. Applicants with a different major need to take refresher modules through Excelsior.
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