The Cheapest Online MBA Programs of 2023 (No GMAT)

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Updated March 13, 2024

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Online MBA programs with no GMAT requirements can help students save money and earn a degree more easily. Explore program options with this specialized MBA resource.

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MBA programs have a reputation for being expensive, prompting many students to seek out cheaper alternatives. Online MBAs with no GMAT requirements, however, can help students pursue their career goals with more flexibility and at a lower cost. These programs afford students two chances to save money, first by eliminating in-person expenses and again by bypassing the costs associated with taking the GMAT.

Online MBAs with no GMAT requirements are also popular due to their convenience and flexibility. These virtual programs typically present coursework in an asynchronous format that allows students to set their own study schedules. Removing GMAT requirements also makes these programs more accessible to a broader base of qualified students.

Generally, MBAs offer students a great return on investment. According to the Graduate Management Admission Council, the median salary for an MBA grad was approximately $115,000 per year in 2021. In contrast, bachelor's degree-holders earned a median of $65,000 the same year.

This guide profiles leading online MBAs with no GMAT requirements. It also explores degree concentrations and career options.

Featured Online MBA Programs

Learn about start dates, transferring credits, availability of financial aid, and more by contacting the universities below.

2023's Most Affordable Online MBA Programs With No GMAT Requirement

Explore the following rankings to learn more about the four most affordable online MBA programs of 2023. These programs charge lower-than-average tuition, offer robust financial aid options, and have no GMAT requirement. Below, you can learn more about how we rank schools.

Our Ranking Methodology

#1 The Cheapest Online MBA Programs of 2023 (No GMAT)

University of North Carolina at Chapel Hill

  • Chapel Hill, NC
  • 4 years
  • Online + Campus

Opening its doors to students in 1795, UNC Chapel Hill is the nation's oldest public university. The Chapel Hill campus is considered a “Public Ivy” due to its high-quality academic programs and prestigious reputation.

UNC Kenan-Flagler Business School Online MBA

The UNC Kenan-Flagler Business School's online MBA program offers students a well-rounded business education. The program offers six concentrations: data analytics and decision-making, entrepreneurship, finance, management and leadership, marketing, and strategy and consulting. Nearly half of the degree's curriculum consists of electives, so learners can customize the program to fit their career interests.

UNC Chapel Hill's MBA is primarily online. Learners complete self-paced coursework with collaborative learning opportunities. However, two in-person summits are required. The cost of these summits is included in tuition. 

UNC Kenan-Flagler provides ongoing networking opportunities for enrollees and alumni. Graduates can also receive coaching from the program's career and leadership team.

UNC Chapel Hill's Specializations

Data Analytics and Decision-Making | Entrepreneurship | Finance | Management and Leadership | Marketing | Strategy and Consulting

UNC Chapel Hill's Affordability

For the July 2022 to June 2023 academic year, the online MBA program at UNC Chapel Hill charged $125,589.06 for full program tuition. The school offers fellowships. The program also participates in the Forté Fellowship Program for women attending business school. 

This program is designed to accommodate working professionals' schedules, allowing learners to continue their full-time employment while attending the program. The university reports students receive an average salary increase of 24% after graduation, signaling that the degree can offer a return on investment.

Program at a Glance 

  • School Type: Public
  • Accreditation: SACSCOC; AACSB
  • Tuition: $125,589.06/program
  • Required Credits: 62 credits
  • Program Length: 18-36 months
  • Delivery Format: Hybrid
  • Admissions
    • Process: Applicants need a bachelor's degree and at least two years of professional experience. To apply, prospective students submit an online application, transcripts, two recommendations, 2-3 essays, and test scores if applicable. The program interviews applicants to help determine admission.
    • Standardized Tests: GMAT or GRE required for applicants with fewer than five years of professional experience
    • Cost: $150
Average Undergrad Tuition
In-state
$7,019
Out-of-state
$34,198
Average Graduate Tuition
In-state
$10,552
Out-of-state
$28,278
Retention Rate
95%
Acceptance Rate
25%
Students Enrolled
30,092
Institution Type
Public
Percent Online Enrollment
91% Percentage of all students who are enrolled online.
Accreditation
Yes Southern Association of Colleges and Schools Commission on Colleges

#2 The Cheapest Online MBA Programs of 2023 (No GMAT)

University of Florida

  • Gainesville, FL
  • 4 years
  • Online + Campus

Located in Gainesville, Florida, UF employs over 5,700 faculty members who serve the school's more than 53,000 students — one of the largest student bodies in the country.

UF Warrington College of Business Online MBA

The UF Warrington College of Business offers two online MBA programs: The one-year MBA is designed for students with an undergraduate degree in business. The two-year program is open to learners with degrees in all academic areas.

The same faculty who teach the school's in-person MBA classes also lead online MBA courses. Class sizes are capped at 65 students, which helps create opportunities for enrollees to interact individually with instructors.

The degree also requires an experiential learning component, which learners can complete online or in person. Students can also travel internationally in a global immersion experience, where they learn to adapt to the culture and business environment of a different country.

UF's Affordability

The tuition for the one-year online MBA from UF is $48,000, while tuition for the two-year program costs $58,000. Financial aid is available to students who complete the Free Application for Federal Student Aid (FAFSA).

Program at a Glance

  • School Type: Public
  • Accreditation: SACSCOC; AACSB
  • Tuition: $48,000/program (1-year program); $58,000/program (2-year program)
  • Required Credits: 32 credits (1-year program), 48 credits (2-year program)
  • Program Length: 16-24 months
  • Delivery Format: Online with some in-person requirements
  • Admissions
    • Process: To apply, prospective students complete the UF MBA pre-application form and the UF graduate school application. They also submit essays, two letters of recommendation, and official transcripts. The program interviews applicants to help determine admission.
    • Minimum GPA: The program does not require a minimum GPA. However, the school reports a 3.3 average GPA for students admitted to the one-year MBA.
    • Standardized Tests: GRE or GMAT (optional)
    • Cost: $30
Average Undergrad Tuition
In-state
$4,477
Out-of-state
$25,694
Average Graduate Tuition
In-state
$10,770
Out-of-state
$27,335
Retention Rate
97%
Acceptance Rate
31%
Students Enrolled
53,372
Institution Type
Public
Percent Online Enrollment
92% Percentage of all students who are enrolled online.
Accreditation
Yes Southern Association of Colleges and Schools Commission on Colleges

#3 The Cheapest Online MBA Programs of 2023 (No GMAT)

William & Mary

  • Williamsburg, VA
  • 4 years
  • Online + Campus

Founded in 1693, W&M is one of the oldest higher education institutions in the U.S. The university offers degrees in an array of subjects, including law, business, and education. The university is located in Williamsburg, Virginia.

Raymond A. Mason School of Business Online MBA program

W&M's online MBA consists of twelve courses. The degree curriculum explores topics such as finance, marketing, organizational behavior, and leadership. Students can also take an additional five courses to add a certification in business analytics foundations. Learners can complete the program in two years.

The online MBA requires one in-person residency weekend. The residency includes presentations from speakers, workshops, networking opportunities, and team-building activities.

Each course takes 7.5 weeks to complete. The program offers three different start dates each year.

W&M's Affordability

Tuition is $1,365 per credit. The required one-credit residency costs an additional $600. Online MBA enrollees are eligible for loans and federal financial aid through FAFSA. The program also maintains a scholarship designated for military enrollees.

Program at a Glance

  • School Type: Public
  • Accreditation: SACSCOC; AACSB
  • Tuition: $1,365/credit
  • Required Credits: 49 credits
  • Program Length: 24 months
  • Delivery Format: Online with some in-person requirements
  • Admissions
    • Process: W&M's online application requires two personal essays, two recommendation letters, and a resume demonstrating at least two years of work experience. Prospective students submit official transcripts and pay the application fee. The program interviews applicants to help determine admission.
    • Minimum GPA: The program does not require a minimum GPA. However, the school reports a 3.2 average GPA for admitted students.
    • Standardized Tests: GRE or GMAT (optional)
    • Cost: $100
Average Undergrad Tuition
In-state
$17,168
Out-of-state
$40,089
Average Graduate Tuition
In-state
$10,516
Out-of-state
$28,305
Retention Rate
93%
Acceptance Rate
42%
Students Enrolled
8,939
Institution Type
Public
Percent Online Enrollment
94% Percentage of all students who are enrolled online.
Accreditation
Yes Southern Association of Colleges and Schools Commission on Colleges

#4 The Cheapest Online MBA Programs of 2023 (No GMAT)

University of Illinois Urbana-Champaign

  • Champaign, IL
  • 4 years
  • Online + Campus

UIUC is a public research university located in Champaign, Illinois. The university offers almost 5,000 courses across 150 subjects. UIUC is also home to several prominent research centers.

UIUC Gies College of Business iMBA

The UIUC Gies College of Business iMBA program is offered fully online. Students learn from faculty who bring business perspectives to the classroom and maintain dedicated online office hours.

Enrollees in the iMBA tailor the degree to their career interests through specializations, electives, and capstones. The program curriculum also includes a host of core business courses.

Live synchronous classes are held each week at multiple times to accommodate students across work schedules and time zones. Students also complete asynchronous learning activities like peer review assignments, video content, and quizzes.

UIUC's Specializations

Digital Marketing | Entrepreneurship and Strategic Innovation | Global Challenges in Business | Business Analytics | Mergers and Acquisitions

UIUC's Affordability

Tuition is $320 per credit. The Gies College of Business offers a limited number of need-based scholarships to online students, which cover 70% of tuition. Application fees are currently waived.

Program at a Glance 

  • School Type: Public
  • Accreditation: HLC; AACSB
  • Tuition: $320/credit
  • Required Credits: 72 credits
  • Program Length: 2-3 years
  • Delivery Format: 100% online (synchronous and asynchronous)
  • Admissions
    • Process: Prospective students fill out an online application, which requires academic records, a personal statement, two letters of reference, and a resume that shows at least three years of professional work experience.
    • Minimum GPA: 3.0 GPA (recommended)
    • Standardized Tests: GRE or GMAT (optional)
    • Cost: None
Average Undergrad Tuition
In-state
$14,317
Out-of-state
$33,824
Average Graduate Tuition
In-state
$15,016
Out-of-state
$27,187
Retention Rate
94%
Acceptance Rate
63%
Students Enrolled
52,679
Institution Type
Public
Percent Online Enrollment
96% Percentage of all students who are enrolled online.
Accreditation
Yes Higher Learning Commission

Online MBA Concentrations

Before signing up for a no-GMAT MBA program, make sure to research common coursework. Topics vary significantly among programs. Schools typically offer different concentrations and focus areas, so look for a program with courses in your field of interest.

Below, we've listed eight common classes that you can expect to take during an MBA program.

Business Analytics

Specialized MBAs in business analytics focus on the tools and techniques professionals use to extract competitive insights from data. Businesses then use these insights to better understand consumer behaviors, unlock hidden opportunities, and answer critical performance-related questions. Course content focuses both on the technical use of software tools and on strategic methods for interpreting results.

Featured Online Master's in Data Analytics Programs

Finance

Specialized MBAs in finance have broad, cross-industry utility, making them one of the most versatile and in-demand concentration options. This specialization typically covers budgeting and financial planning, financial forecasting, analyzing capital costs, and managing business assets and holdings.

Featured Online Master's in Finance Programs

Human Resources

MBAs in human resources (HR) combine aspects of business operations and organizational management. Coursework develops student proficiencies in regulatory compliance, leadership, project management, and industrial and organizational psychology. Graduates emerge with the knowledge and skills required for entry to management-level positions in corporate HR departments.

Featured Online Master's in Human Resources Programs

Information Technology

As businesses have become increasingly reliant on information technology (IT), they have also developed growing needs for management specialists with advanced technological insights. MBA programs in IT concentrate on the strategic and technical aspects of managing organizational technology needs. They combine traditional MBA subject matter with coursework in IT technologies, security, and project management.

Featured Online Master's in IT Programs

International Business

Corporations are increasingly focused on international expansion and global markets. As companies grow beyond domestic operations, they develop a need for professionals capable of managing international teams and relationships with suppliers and partners abroad. Specialized MBA programs in international business specifically develop these important proficiencies.

Featured Online Master's in International Business Programs

Marketing

This cross-disciplinary MBA specialization concentrates on building skill sets that help businesses connect with larger customer bases. Coursework covers topics including sales and marketing strategies, consumer behavior, and consumer research. Students also take standard MBA courses in finance, business analysis, and operations management.

Featured Online Master's in Marketing Programs

Operations Management

This MBA specialization helps students build advanced knowledge of strategies and systems for optimizing organizational efficiency. Specific topics covered by an MBA in operations management may include business processes, product development and positioning, workflow management, and business logistics. As with other MBA specializations, students supplement with coursework in general business management topics.

Featured Online Master's in Management Programs

Supply Chain Management

Supply chains have become increasingly complex and globalized. Specialized MBAs in supply chain management focus on advanced strategies for managing supplier relationships, sourcing raw materials, logistics, and distribution. They also teach students how to forecast raw materials requirements and plan to meet their internal materials demands.

Featured Online Master's in Supply Chain and Logistics Programs

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 business decisions with help from a trusted board of advisors. CEOs help department directors set 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 $162,670 per year, according to October 2023 Payscale data. The Bureau of Labor Statistics (BLS) projects employment for top executives to grow by 3% from 2022-2032.

Vice President, Operations

The vice president of operations oversees a company's day-to-day operations rather than big-picture concepts. These professionals must possess strong leadership and evaluation skills to help guide performance. They must also evaluate resources to find new revenue streams and identify cost-efficient solutions.

As of October 2023, these executives make an average of $138,320 per year, according to Payscale. The BLS projects employment of top executives, including vice presidents of operations, to grow by 3% from 2022-2032.

Divisional Vice President, General Manager

A general manager or 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 by evaluating ways to increase revenue.

According to Payscale, these professionals made $155,270 per year on average as of October 2023. Like other top executive positions, the BLS projects employment in this career to grow by 3% from 2022-2032.

Administrative Services Manager

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

These professionals make a median of $101,870 per year, according to the BLS. The BLS projects employment in this career to grow by 5% from 2022-2032. Most of these professionals work 40 or more hours per week.

Project Manager

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, individuals must possess strong communication and organizational skills.

On average, project managers earn $79,010 per year, according to October 2023 Payscale figures.

Common Questions About Online MBA Programs With No GMAT Requirement

Are business schools getting rid of GMAT requirements?

A growing number of business schools have moved away from GMAT and GRE requirements as part of a broader trend toward holistic applicant evaluations. However, many online MBA programs that don't require GMAT scores as part of the application process will still consider standardized test scores if an applicant submits them.

Can you skip the GMAT when applying to business school?

Many business schools place less weight on standardized test scores than they did in the past. However, most MBA programs still consider them as an optional component. If you score well on the GMAT, you may want to consider submitting your scores.

Do online MBA programs require GMAT scores?

It depends on the school's admissions policies. Many online MBAs have no GMAT requirements, but some still prefer or require test scores.

Additional Online MBA Resources

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