Are you looking to find the cheapest online MBA in the world? We’ve got you covered.
We know how expensive getting a degree can be. But with all the options to study these days, getting your degree doesn’t have to cost you a fortune. That goes for earning a Master of Business Administration as well. So if you’re looking to find the cheapest online MBA in the world, we’re here to help you find it.
There’s more than one way to earn an MBA. You can study online or on-campus, part-time or full-time. And for each option, there are benefits. We’re going to help you find the cheapest MBA in the world.
What’s the average cost of an online MBA?
Online MBAs can range in price, depending on price per credit, the school itself, your specialization, and accreditation. According to Study.com, the average total cost of a public university online MBA in the 2014-2015 period was $25,525. The costs ranged from $2,000 to a whopping $96,000!
That said, it can definitely get pricey. So we certainly understand the need to find the most affordable online MBA. Let’s start by going over the benefits of studying an MBA online.
Benefits of doing your MBA online vs the traditional way
MBAs are becoming more popular as well as accessible. Online options are increasing every year. U.S. News published their ranking of online MBA programs in the beginning of 2018, providing about 270 different online MBA programs. That’s an increase from 180 in 2017.
Here are some major benefits of doing your MBA online:
- Many online MBA programs have cheaper tuition than traditional programs
- You don’t have to pay for transportation, parking, hard-copy textbooks and living expenses if you were to live on-campus
- Flexible scheduling, including self-paced curriculum
- Multiple start dates
- Mobility: You can complete the program from anywhere in the world and be able to travel
- Being able to work and advance your career while studying
- Many online MBA programs offer accelerated options where you can complete the entire program in less time, such as 18 months. On the other hand, you can take longer if you wish and complete the degree in four or five years.
If you’re still contemplating whether or not to do an MBA in general, check out this article Should I Get an MBA. It might prove helpful in your decision-making.
What’s cheaper than tuition-free?
If you’re looking for the cheapest online MBA, tuition cost is going to be a major factor. Finding tuition-free online programs can save you literally thousands of dollars. University of the People has an online MBA program that is making fame across the globe.
Fortune spoke about University of the People’s online tuition-free MBA program now offered to students worldwide. With a cost of $2,400 to sit in all the 12 required exams, it is by far one of the cheapest options in the world for an online MBA. If you’re not able to pay for the fees, there are a number of scholarships that are available.
For more information on this program and why you might want to consider it, check out our article Why Study Business Administration At UoPeople.
UoPeople isn’t the only tuition-free option. New York University also offers an online MBA program. It can be done in either two years or in 8 months during an accelerated program. Although tuition is free, there are exam fees.
Top 10 online MBAs in the world
Unfortunately, there just aren’t enough tuition-free options out there. So another method is to find the cheapest of the best. BusinessTech has a list of top 10 online MBAs in the world. The schools are located all over the globe, from Spain to England to the US. But only one of them is remarkably cheaper than the rest. And just to give you a reference, the most expensive of the list is Indiana University at a cost of $67,830.
The cheapest top online MBA program according to BusinessTech:
They offer a flexible, part-time online MBA. They are a traditional university with 150 years behind them. And aside from being ranked as part of the top 10 in the world as well as being the cheapest of the best, this online MBA offers more than than those two factors. The school is very diverse. They have a global MBA student body from all kinds of industries, professions, countries, and experiences. This diversity is what puts them in the top 10. It creates a rich environment to learn from.
- Tuition: £15,440
- Accreditation: AMBA
- Scholarships available: 8 for UK and EU students, and 14 for international students
Most affordable online MBAs in the US
There are tons of American online MBA programs. And, of course, there are going to be ones that are cheaper than the rest. We found three major lists of affordable online MBA programs and chose the top three.
OnlineU compiled a list of the most affordable online MBA programs for 2019 in the US. Their list includes 25 online programs, all under $8,000. GradSchoolHub surveyed 230 institutions that offer accredited online MBA programs. They chose schools that earned rankings from major publications like Forbes, The Princeton Review, and U.S. News and World Report. EDSmart also has a list. Theirs covers the 62 most affordable online MBAs based on the most recent information from the school itself.
Here are the top three online MBA programs in the US, based on these lists:
The traditional four-year university has an online MBA program that promotes strong values, ethics, and service, and incorporates the multicultural influences driving today’s market. It’s also been rated as one of the top 50 affordable MBA programs and the best-value accredited online MBA programs for 2019-2020.
- Tuition: $3,855 per year
- Accreditation: SACS COC
- Scholarships available: 9
Fayetteville’s School of Business and Economics was rated as the top 20 Best Business Schools in the Southeast and as a Best Business School by the Princeton Review. The program offers nine MBA concentrations, including marketing, international business, and finance.
- Tuition: $6,488 per year
- Accreditation: AACSB
- Scholarships available: 5
UNR is a traditional university and their two-year online MBA program is one of the top online business programs in the country, according to U.S. News and World Report and the Princeton Review. It was also ranked #33 in the U.S. News and World Report’s 2018 Best Online Programs rankings.
- Tuition: $5,000 per semester
- Accreditation: AACSB
- Scholarships available: 4
Cheapest MBA by accreditation
Accreditation affects the cost of an online program. When looking for the cheapest online MBA, you should pay attention to more than just the cost. Accreditation is important because it means that a college follows educational standards. Remember, an unaccredited program is not worth your time or money. Common accreditations for MBAs are: the Association to Advance Collegiate Schools of Business (AACSB) and/or the Accreditation Council for Business Schools and Programs (ACBSP).
According to GetEducated, the cheapest online MBA by regional accreditation (the type of accreditation traditional universities hold) is:
It is the cheapest out of 355 online MBA programs surveyed. ENMU is a traditional university that has been around for over 80 years and is rated #5 for most affordable of Southwest four-year universities. Their MBA program is offered both online and on-campus. ENMU received many state, regional, and national awards.
- Tuition: $6,389 per year
- Accreditation: ACBSP
- Scholarships available: 26
GetEducated also found the cheapest online MBA by AACSB accreditation. The cheapest is:
SouthEast is a traditional university that was established in 1873. Their online MBA program has been ranked highly by many organizations and is rated as top 50 nationally. It is noted as one of the nation’s most outstanding business schools.
- Tuition: $9,669.
- Accreditation: AACSB
- Scholarships available: 13
Most affordable MBAs in the UK
BusinessBecause came up with a list of the most affordable MBAs in the UK. Of all ten, only two of them are available as a fully online program. And the cheapest of the two is:
This is a public research university in England. Their online MBA program can be taken as the standard 2.5-year length or an 18-month fast track program. What’s great about the Nottingham Business School is that it’s one of fewer than 1% of business schools worldwide to have both EQUIS and AACSB accreditation. Clearly, they’re held to the highest standards.
Tuition: £15,440 per year
Accreditation: EQUIS and AACSB
Scholarships available: 5
Finding scholarships for online MBAs in another way to decrease the cost of your degree. Apart from the specific school’s internal scholarships, there is also external financial help that you can find.
You can check out sites like OnlineMBAPage , Scholars4dev, and ScholarshipPositions for lists of available scholarships specifically for MBA students. There are scholarships which include awards set aside for ethnically diverse students, women, veterans, and both full-time and part-time students. So sometimes it might help to start your search for a university based on the scholarships that you might be qualified for.
If you happen to already know which program you want to apply to, try speaking with the finance department. They may have scholarships and/or grants available that you weren’t aware of. And maybe you’ll be pleasantly surprised. You might just get granted a scholarship and save yourself thousands of dollars! Check out our article about online scholarships which goes through the steps you need to find one.
We wish you luck on finding an online MBA degree that suits you personally and that also saves your hard-earned money!