In the business world, an MBA can help to show prospective employers that you have what it takes to be a leader at their company. However, getting an MBA can put a major strain on your time and budget, especially if you have to take time off work and drive to campus for classes. Affordable online MBA programs offer a flexible option that allows you to advance in your career by completing your degree at home. This guide is a great starting point for finding accredited schools offering budget-friendly online MBAs. It tells you about the 50 most affordable online MBA programs as well as the best ways to fund your degree.
50 Most Affordable Online MBA Programs for 2024
Any online MBA program must offer the right courses, networking opportunities, and resources to help you reach your professional goals. The biggest factor for most students, though, is affordability. In fact, financing often determines if earning your MBA is even possible. To help you find a budget-friendly, high-quality program for 2024, we ranked the most affordable MBA programs in the U.S. based on data from The Integrated Postsecondary Education Data System (IPEDS). Learn more about this data by clicking the “about the ranking” button below.
The MBA in Management at Framingham State University is ideal for mid-level managers and professionals who want to elevate their skills in preparation for leadership roles. The online-only study track offers an accelerated path with two classes each semester, graduating in 24 months. The school also offers a blended hybrid track for those seeking a mix of in-person and online learning. All classroom sessions take place in the evenings for maximum convenience. For further flexibility, hybrid students can enroll in a full-time load of three courses per semester or a part-time load of two courses per semester.
Program Highlights:
Master of Business Administration in Managment
- Credits: 48-52
- Length: 16 months to four years
- Mode: Fully online or hybrid
- Accreditation: IACBE
School Services & Accreditation
| Career Services | Yes |
| Academic Counseling | Yes |
| Accreditation | NECHE |
Nichols College’s MBA program offers a customizable study experience where students can progress at their own pace. Students can choose from concentrations in critical thinking, cybersecurity, data analytics, or project management. Additionally, students can take advantage of the college’s stackable credit program to concurrently earn a Master of Science in Organizational Leadership. No matter which specialization they choose, the program provides online students with access to academic advising, career services, and networking opportunities to boost their professional prospects. Graduates are equipped to pursue careers as management consultants, human resources managers, marketing managers, and more.
Program Highlights:
Master of Business Administration
- Credits: 36
- Length: Two years
- Mode: Fully online
- Accreditation: AACSB
School Services & Accreditation
| Career Services | Yes |
| Academic Counseling | Yes |
| Accreditation | NECHE |
Busy working adults balancing careers and personal responsibilities can find a flexible education with Eastern New Mexico University’s Master of Business Administration program. This 100%-online MBA prepares professionals to level up in their careers, preparing them for managerial positions and increased responsibilities. The curriculum covers all major functional areas of business, focusing on managerial generalization. Students can also specialize in accounting or finance, adding depth to their leadership expertise and broadening their career prospects. Graduates emerge from the program well-prepared for roles ranging from business owner to management executive or for continuing their education to become a professor.
Program Highlights:
Master of Business Administration
- Credits: 30-39
- Length: One to two years
- Mode: Fully online
- Accreditation: ACBSP
School Services & Accreditation
| Career Services | Yes |
| Academic Counseling | Yes |
| Accreditation | HLC |
School Services & Accreditation
| Career Services | Yes |
| Academic Counseling | Yes |
| Accreditation | SACSCOC |
School Services & Accreditation
| Career Services | Yes |
| Academic Counseling | Yes |
| Accreditation | MSCHE |
School Services & Accreditation
| Career Services | Yes |
| Academic Counseling | Yes |
| Accreditation | ACICS |
School Services & Accreditation
| Career Services | Yes |
| Academic Counseling | Yes |
| Accreditation | TRACS |
School Services & Accreditation
| Career Services | Yes |
| Academic Counseling | Yes |
| Accreditation | SACSCOC |
School Services & Accreditation
| Career Services | Yes |
| Academic Counseling | Yes |
| Accreditation | SACSCOC |
School Services & Accreditation
| Career Services | Yes |
| Academic Counseling | Yes |
| Accreditation | HLC |
School Services & Accreditation
| Career Services | Yes |
| Academic Counseling | Yes |
| Accreditation | SACSCOC |
School Services & Accreditation
| Career Services | Yes |
| Academic Counseling | Yes |
| Accreditation | SACSCOC |
School Services & Accreditation
| Career Services | Yes |
| Academic Counseling | Yes |
| Accreditation | ACICS |
School Services & Accreditation
| Career Services | Yes |
| Academic Counseling | Yes |
| Accreditation | HLC |
School Services & Accreditation
| Career Services | Yes |
| Academic Counseling | Yes |
| Accreditation | SACSCOC |
School Services & Accreditation
| Career Services | Yes |
| Academic Counseling | Yes |
| Accreditation | SACSCOC |
School Services & Accreditation
| Career Services | Yes |
| Academic Counseling | Yes |
| Accreditation | HLC |
School Services & Accreditation
| Career Services | Yes |
| Academic Counseling | Yes |
| Accreditation | SACSCOC |
School Services & Accreditation
| Career Services | Yes |
| Academic Counseling | Yes |
| Accreditation | HLC |
School Services & Accreditation
| Career Services | Yes |
| Academic Counseling | Yes |
| Accreditation | SACSCOC |
School Services & Accreditation
| Career Services | Yes |
| Academic Counseling | Yes |
| Accreditation | HLC |
School Services & Accreditation
| Career Services | Yes |
| Academic Counseling | Yes |
| Accreditation | NECHE |
School Services & Accreditation
| Career Services | Yes |
| Academic Counseling | Yes |
| Accreditation | HLC |
School Services & Accreditation
| Career Services | Yes |
| Academic Counseling | Yes |
| Accreditation | HLC |
School Services & Accreditation
| Career Services | Yes |
| Academic Counseling | Yes |
| Accreditation | SACSCOC |
School Services & Accreditation
| Career Services | Yes |
| Academic Counseling | Yes |
| Accreditation | HLC |
School Services & Accreditation
| Career Services | Yes |
| Academic Counseling | Yes |
| Accreditation | SACSCOC |
School Services & Accreditation
| Career Services | Yes |
| Academic Counseling | Yes |
| Accreditation | HLC |
School Services & Accreditation
| Career Services | Yes |
| Academic Counseling | Yes |
| Accreditation | SACSCOC |
School Services & Accreditation
| Career Services | Yes |
| Academic Counseling | Yes |
| Accreditation | SACSCOC |
School Services & Accreditation
| Career Services | Yes |
| Academic Counseling | Yes |
| Accreditation | HLC |
School Services & Accreditation
| Career Services | Yes |
| Academic Counseling | Yes |
| Accreditation | SACSCOC |
School Services & Accreditation
| Career Services | Yes |
| Academic Counseling | Yes |
| Accreditation | SACSCOC |
School Services & Accreditation
| Career Services | Yes |
| Academic Counseling | Yes |
| Accreditation | SACSCOC |
School Services & Accreditation
| Career Services | Yes |
| Academic Counseling | Yes |
| Accreditation | HLC |
School Services & Accreditation
| Career Services | Yes |
| Academic Counseling | Yes |
| Accreditation | SACSCOC |
School Services & Accreditation
| Career Services | Yes |
| Academic Counseling | Yes |
| Accreditation | NECHE |
School Services & Accreditation
| Career Services | Yes |
| Academic Counseling | Yes |
| Accreditation | HLC |
School Services & Accreditation
| Career Services | Yes |
| Academic Counseling | Yes |
| Accreditation | HLC |
School Services & Accreditation
| Career Services | Yes |
| Academic Counseling | Yes |
| Accreditation | SACSCOC |
School Services & Accreditation
| Career Services | Yes |
| Academic Counseling | Yes |
| Accreditation | SACSCOC |
School Services & Accreditation
| Career Services | Yes |
| Academic Counseling | Yes |
| Accreditation | WSCUC |
School Services & Accreditation
| Career Services | Yes |
| Academic Counseling | Yes |
| Accreditation | SACSCOC |
School Services & Accreditation
| Career Services | Yes |
| Academic Counseling | Yes |
| Accreditation | HLC |
School Services & Accreditation
| Career Services | Yes |
| Academic Counseling | Yes |
| Accreditation | SACSCOC |
School Services & Accreditation
| Career Services | Yes |
| Academic Counseling | Yes |
| Accreditation | HLC |
School Services & Accreditation
| Career Services | Yes |
| Academic Counseling | Yes |
| Accreditation | HLC |
School Services & Accreditation
| Career Services | Yes |
| Academic Counseling | Yes |
| Accreditation | SACSCOC |
School Services & Accreditation
| Career Services | Yes |
| Academic Counseling | Yes |
| Accreditation | HLC |
School Services & Accreditation
| Career Services | Yes |
| Academic Counseling | Yes |
| Accreditation | HLC |
Funding Your Online MBA: 5 Ways to Save
In addition to tuition costs, factors such as scholarships or employer tuition reimbursement programs can determine if an MBA program fits within your budget. To make your MBA more affordable, check out these effective ways to fund your online MBA.
Apply to scholarships, grants, and fellowships created for MBA students.
Scholarships, grants, and fellowships can help offset costs for MBA students. There are even scholarships and fellowships developed specifically for MBA students, such as the Orbis Fellowship program or the Morning Brew Tech & Business News Scholarship. To find more scholarships along with tips and tricks to make your scholarship application stand out, check out OMD’s scholarships and resources guide.
Work-Study or Assistantships
Some MBA programs offer work-study or assistantships to offset the costs. Assistantships involve helping faculty with research or teaching responsibilities by being a TA or helping a professor out with their research. A work-study position offers tuition reduction in exchange for working a job on campus. Look at specific programs for details on assistantships, and check out this U.S. government page for Federal work-study information.
Employer Tuition Reimbursement Programs
Many employers reimburse part or all of the tuition for employees who plan to stay with the company. In fact, MBAs are the degrees most likely to be reimbursed by employers. Reimbursement amounts and program requirements differ among employers. Apple and Deloitte, for example, are known for having some of the most comprehensive tuition reimbursement programs for employees getting MBAs.
Payment Plans
Many universities offer payment plans to suit your budget. A payment plan makes it easier to pay your tuition without emptying your emergency fund or taking out loans. Check with a specific program to see what the payment plan options look like.
Paid Internships
Whether getting an MBA to transition careers or right after your undergraduate degree, a paid internship cannot only help offset costs but also give real-world experience in your new professional field. Employers like Google and TikTok, for example, offer hands-on and well-compensated MBA internship programs. When considering paid internships, look for ones that directly correlate with your career goals at companies whose values align with your own.
FAQs about Affordable MBA Programs
Q. What impacts the affordability of an online MBA Program?
A variety of factors impact the affordability of an MBA program. Usually, online programs have lower overall costs than in-person ones, and public universities typically cost less than private universities because they receive government funding. However, affordability also depends on scholarships, work-study, paid internships, and assistantship opportunities.
Q. What is the ROI of an online MBA program?
The ROI of an MBA program can differ based on the career track, but the average salary after completing an MBA often makes up for the cost of tuition. For example, an MBA program costs around $40,000 a year while, according to U.S. News, the average salary for MBA graduates was about $95,300 in 2021. Fields like consulting and finance saw starting salaries as high as $120,000 for MBA holders. Those with MBAs also see more promotions and bigger raises, so the ROI continues throughout one’s professional career.
Q. How can I ensure that an affordable MBA program is high-quality?
Most high-quality programs are accredited, offer career development and networking opportunities, and have a large number of students who finish and find jobs in their field after graduating. When judging the quality of a program, find a program that provides the opportunities that are most important to you, as this is the best way to ensure the program will meet your needs.
Q. Is an online MBA more affordable than an in-person MBA?
Online MBAs are almost always more affordable than in-person programs because online programs don’t have the additional costs of finding classroom space and physical resources. Online MBAs also offer budget-friendly perks such as spending less money on transportation and food and flexible learning options that limit the time you might have to take off work.
Q. Can job experience count towards an MBA and help cut costs
Whether or not job experience count towards an MBA depends on the school and program. Some universities offer credits towards your MBA for professional experiences, but others do not. Some programs even have an internship or work requirement as part of their program. The best way to know is to research the schools you are interested in and see if your job experience will count as part of the admissions process.
Q. How can I know if an affordable MBA program is right for me?
Start by considering what you want to get out of your MBA experience. Do you want a program you can finish within a couple of years, one with more networking opportunities, or a fully-online program? Once you have a list of the program qualities that matter most to you, you can better decide which programs match your budget and educational goals.