The Cheapest Online MBA Programs of 2023 (No GMAT)

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Updated January 18, 2023

Simplify the graduate school application process with a no GMAT MBA. Explore some of the cheapest MBAs — no GMAT required — from top business schools.

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Whether your goal is to become the next CEO of a Fortune 500 company or launch your own business to take control of your daily schedule, earning an affordable online MBA is a great way to pursue 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 Graduate Management Admissions Test, 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.

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 offer lower-cost tuition, financial aid options, and have no GMAT requirement. Below, you can learn more about how we rank schools.

#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 Tuition
In-state
$7,019
Out-of-state
$34,198
Retention Rate
95%
Admission 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 Tuition
In-state
$4,477
Out-of-state
$25,694
Retention Rate
97%
Admission 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 Tuition
In-state
$17,168
Out-of-state
$40,089
Retention Rate
93%
Admission 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 Tuition
In-state
$14,317
Out-of-state
$33,824
Retention Rate
94%
Admission 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

What Is the GMAT?

Students take this timed, multiple-choice test online. Test-takers receive three hours and seven minutes to complete one 62-minute section, two 30-minute sections, and one 65-minute section. The test determines 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. Fortunately, you can still find many quality programs that don't require you to take the test.

Why Should You Get an Online MBA?

Earning an MBA can open many professional pathways. This degree does more than just impress prospective clients and employers. These programs also deliver the skills to effectively manage large and small businesses.

On average, individuals with this degree earn $94,000 per year, according to January 2023 Payscale data. Professionals who earn MBAs often go on to become project managers or senior financial analysts. Some start their own consulting firms 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 Wi-Fi. 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 maintain employment and 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 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 $159,020 per year, according to January 2023 Payscale data. The Bureau of Labor Statistics (BLS) projects employment for top executives to grow by 6% from 2021-2031.

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 January 2023, these executives make an average of $134,280 per year, according to Payscale. The BLS projects employment of top executives, including vice presidents of operations, to grow by 6% from 2021-2031.

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 by evaluating ways to increase revenue.

According to Payscale, these professionals made $143,780 per year on average as of January 2023. Like other top executive positions, the BLS projects employment in this career to grow by 6% from 2021-2031.

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.

On average, these professionals make $99,290 per year. The BLS projects employment in this career to grow by 7% from 2021-2031. 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 organization skills.

On average, project managers earn $77,390 per year, according to January 2023 Payscale figures.

Online MBA Curriculum

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 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 course covers accounting basics, which suits learners who have never taken accounting classes.
  • 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 of legal regulations and ethics. This course covers topics such as contracts, liability, and torts. Business law courses also examine ethics related to sustainability.

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Common Questions About Affordable Online MBA Programs with No GMAT Requirement

Can you get an MBA without taking the GMAT?

Yes — MBAs with no GMAT requirements allow students to apply without taking the entrance exam. A no-GMAT MBA can be an excellent option for students who excel academically and have strong leadership skills but may not be good test-takers.

Do I need the GMAT for an online MBA?

Not all business schools require the GMAT for online MBAs. For instance, the Raymond A. Mason School of Business at William & Mary and the Kenan-Flagler Business School at the University of North Carolina do not require GMAT scores.

Is a cheap online MBA worth it?

A cheap MBA with no GMAT requirements can still provide a solid curriculum. Look for accredited programs with proven outcomes for MBA students and helpful resources like networking events and job searches.

What online MBA programs do not require GMAT?

Several online MBA programs do not require GMAT scores for admission, including online MBAs at William & Mary, The University of North Carolina, and the University of Illinois Urbana-Champaign.

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