An MBA is a highly-respected degree that can help working professionals advance their careers and increase their salaries. While MBA programs can easily exceed six figures, we've rounded up some of the best programs on a budget, with an average cost of around $23,000. And based on data from the Bureau of Labor Statistics (BLS), you could see a return on your investment quickly, with many MBA jobs exceeding the median salary by thousands of dollars. No matter your career goals, you can find a program on this list that fits your budget and objectives.
Many online MBA programs offer specializations such as IT, healthcare management, cybersecurity, and HR management. MBA graduates can also use their knowledge to develop a business plan, secure funding, and start their own venture. If you're considering the MBA path, this guide covers important information including common concentrations, prospective careers, and earning potential.
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Most Affordable Online MBA Programs of 2021
What Are the Goals of an MBA Degree?
Students pursuing an MBA learn how to perform key operational tasks such as accounting, finance, and marketing. MBA curriculum teaches enrollees how to make informed managerial decisions and develop new products and services. Graduates know how to develop strategies that make their organization competitive in a global environment.
Many online MBA programs offer specializations such as IT, healthcare management, cybersecurity, and HR management. MBA graduates can also use their knowledge to develop a business plan, secure funding, and start their own venture. Learners can enroll in an online MBA program full time or part time.
What Are the Requirements for an MBA Degree?
MBA programs require a bachelor's degree in business or another major. Applicants typically submit school transcripts, a resume, and GMAT or GRE scores. Some schools offer standardized test waivers for applicants who meet certain requirements, such as GPA or work experience. Once accepted into an MBA program, learners complete 36-60 credits. Students without a business background may still earn an MBA once they complete leveling coursework and other requirements.
Many business schools require students to complete MBA programs in cohorts. This allows enrollees to collaborate as a team even though they study from a distance. Asynchronous learning, which does not require real-time sessions, and synchronous evening formats add flexibility so students can continue careers.
Choosing the Best Type of Online MBA Program
There are two primary MBA types to consider: a traditional two-year MBA program and an accelerated one-year MBA program. It's important to consider the time commitment of receiving an MBA. MBA programs often require 36 credits and take roughly two years to complete. However, many students may be able to finish a program in as little as one year or attend school part-time and get their degree in two years.
In addition to the total time frame, it's important to consider the program's time commitment. Some programs are self-paced, while others require certain class hours as if you were attending in person. Since many MBA students are already in the workforce, this flexibility is essential.
An MBA (Masters of Business Administration) is a highly-respected degree for those in the fields of business and management. This type of degree covers a broad spectrum of topics, including accounting, economics, statistics, andmanagement. An online MBA program is a way of receiving the same degree, but with more flexibility and a more affordable price tag.
There's a lot to consider when choosing the right affordable online MBA program for you. Each program comes with its own unique features, including cost, the number of credits, accreditation, and expected completion time.
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Concentrations in an MBA
Though an MBA is a specific type of master's degree, particular concentrations can help you specialize even more. Depending on the type of career you plan to enter into, there are a handful of concentrations you might consider.
Finance
An MBA in finance is designed to help prepare students for jobs in the financial industry. This MBA concentration helps students whether they're planning to enter the public or private sector. A finance MBA can focus on both the individual and institutional level, meaning students can go onto work for a government or hedge fund or manage finances for individuals.
Project management
Project management is the process of leading a team to achieve a particular goal or complete a particular project. Aproject management MBA program can help students learn all of the skills necessary for this type of role, including problem-solving, analytics, communication, leadership, and more.
Marketing
Marketing is one of the most popular MBA concentrations because every company has to engage in some form of marketing. A marketing MBA can help teach students necessary skills like market research, advertising, psychology, analytics, and pricing strategies. Those with an MBA in marketing often go onto work as marketing executives for major firms.
Entrepreneurship
Some people seek out an MBA to establish their own business. An entrepreneurship concentration can provide students a wide range of business practices, including crafting business plans, getting financing, and managing employees.
Career and Salary Outlook for MBA Graduates
One of the biggest reasons many people seek an MBA is the real-world experience they can attain. Another motivator is the potential for a higher salary. According to data from the Bureau of Labor Statistics, the median annual wage of someone with an MBA is $76,180, while the median salary for someone with a bachelor's is $75,440. While there's no substantial difference, MBA seekers tend to seek higher-paying jobs as marketing managers, business managers, and analysts. In fact, a recent survey found that companies plan to offer MBA new hires a starting salary of roughly $115,000 — nearly $40,000 higher than the median salary for someone with a master's degree.
The unique skills that come with MBA holders are particularly attractive to employers. Those with an MBA have a versatile skill set that includes strategic thinking and strong communication, contributing significantly to a business's success.
Here are some of the top jobs for someone with a master's in business administration:
| Career | Median Annual Salary |
|---|---|
| Computer and Information Systems Manager | $146,360 |
| Medical and Health Services Manager | $100,980 |
| Marketing Manager | $135,900 |
| Financial Analyst | $81,590 |
| Benefits Manager | $122,270 |
| Operations Manager | $123,460 |
| Human Resources Manager | $116,720 |
Source: BLS
What is the return of investment in an MBA degree?
Before beginning an MBA program, it's important to consider what your ROI — return on investment — will be. In general, it's wise to make sure such an expensive degree will pay off in the form of better job opportunities and a higher salary.
The cost of MBA programs can vary widely, with programs ranging from less than $15,000 to well over $100,000. Similarly, salaries for MBA jobs can be very different. Plenty of jobs have median salaries well over six-figures, while others may not even exceed the median salary for a bachelor's degree.
To determine the potential ROI for your MBA, carefully consider the program you hope to attend and the average salary for your desired career. Ask yourself, "what will be my starting salary, compared to tuition cost?"
Suppose you wanted to get an MBA from the University of Nevada, with a tuition of $30,000, and get a job as a financial manager, which has a median salary of about $130,000. That's a pretty solid ROI. But if you attended a program that cost $120,000 to get into a career that pays $70,000, it may not be worth it.
Scholarships for MBA Students
Scholarships and fellowships provide MBA students with funding to help pay for tuition. Organizations award funding based on academic achievement, financial need, or a desire to help underserved populations such as women or minorities. The list below features two opportunities for MBA students.
Grants and Financial Aid for MBA Students
There are many ways to make an MBA program more affordable beyond just choosing a low-cost program. Common methods of financing an MBA degree include:
Student loans:Both federal and private student loans can help students finance the cost of an MBA. Federal subsidized loans are often the best option, as they don't accrue interest while a student is in school.
Financial aid: In addition to student loans, there are other federal programs to help individuals pay for college, especially when they have a low income.
Employer assistance: Many employers help people cover the cost of an MBA or another graduate degree since these also benefit the company. It's important to note that there are likely to be strict requirements, such as a commitment to stay with the company for a particular number of years.
Why Should I Get an MBA Degree?
Employers recognize the MBA as a significant accomplishment that testifies to the holder's advanced business knowledge and skills. Wondering whether an MBA is right for you? Here are five benefits of pursuing this type of degree.
Career advancement Employers value the MBA program's rigor and relevance. MBA graduates entering the job market or seeking to advance their careers hold a competitive advantage over their peers.
Career Flexibility Businesses in all sectors require competent managers. MBA-holders can navigate the job market's ups and downs by pursuing opportunities in various industries and across job functions.
Higher Pay Many professionals with an MBA earn much more than PayScale's average $89,545 salary. Poets & Quants, which specializes in graduate business education, finds that graduating MBAs earn six figures on average.
Hands-on Experience The best MBA programs require capstone projects or internships that give students hands-on experience. Enrollees build a portfolio that shows employers how they can effectively apply lessons learned to address real business challenges.
Professional networking Students build a professional network as they work in teams and participate in internships at recognized firms. They can also use a school's alumni network for mentorship and job opportunities.
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The courses you take will vary depending on the school you attend. But in general, there are some courses you can expect to take no matter what school you enroll in.
