The affordable online MBA is on the rise; as many as 36% of candidates in the U.S. are now open to taking their MBA online.
As for why this is—the answer is simple. We know that MBAs work. MBA grads working in business are likely to earn $3 million more than their bachelor’s-degree-holding peers, and 85% of GMAC survey respondents called their MBA a good investment.
At the same time, MBAs come with a price tag—and a hefty one at that. One year’s tuition at a top school comes in at between $50,000 and $75,000, with an average total price tag of $140,000. And that’s just tuition; students must fund their own accommodation, relocation costs and living expenses while studying.
The affordable, online MBA, therefore, offers a cheaper route into the advantages of holding an MBA.
How Do Online and Traditional MBAs Differ?
Just like an on-campus MBA, an online MBA furnishes each candidate with a wide range of benefits. These include:
- The opportunity to propel your career forward, opening up leadership and executive positions.
- High earning potential.
- The chance to build a versatile skill set applicable in nearly every industry, facilitating a wide range of job prospects across the entirety of your career.
Just like an on-campus MBA, you can look forward to a comprehensive program, taught by experienced faculty, that spans fundamental business knowledge as well as optional electives and courses.
And, just like an on-campus MBA, you can also expect the usual admission requirements—with GMAT, GRE, GPAs and years of work experience considered.
The primary difference is probably an obvious one. Rather than attend in-person lectures and seminars, all MBA work will take place on online platforms.
These platforms are usually UpGrad or Coursera, both online learning platforms. The former provides online MBA courses, and the latter collaborates with universities to deliver theirs.
How Affordable Are Online MBAs?
When all learning is moved off campus and onto an online platform, the cost of the program drops dramatically. Firstly, business schools can charge much less for online than in-person programs due to reduced operating cost. When coupled with the fact students can take online programs from the comfort of their own home, prices plummet. This is on account of the large costs saved on student accommodation, on transport costs and on campus fees.
The other notable point is that online programs are, by and large, vastly more flexible than an on-campus MBA. We’ll explore the benefits of this in more detail, but for now, this means chiefly one thing: online MBA students are able to keep working at their current jobs. The effect this has on affordability is undeniable, since students are consequently able to maintain an income while they study.
Online MBAs are, therefore, certainly cost-effective, with tuition as low as $10,800 in some cases. Besides receiving a full scholarship, online MBAs are the most affordable route to obtaining an MBA.
What Does an Online MBA Offer Candidates?
The online MBA comes with all the usual benefits of obtaining an MBA. These include:
- The opportunity to fast-track your career and land yourself a leadership position.
- High earning potential, since median starting salaries for U.S.-based MBA graduates sit at around $125,000.
- The chance to gain management and analytical skills that are highly valued in almost any sector.
In addition to these, the online MBA promises:
- Affordability
- Flexibility
- Good career prospects
- A global perspective.
Flexibility, because online MBA students can fit their program around their daily schedule. This allows them to structure their learning around their current job, around their parental duties, or even around a new business or venture they’re currently starting. Online MBA students are able to gather skills they need to advance their career, while working on their own timeline.
Affordability, because the costs of running an online MBA program are lower, meaning the tuition costs are kept down, too. And, because the flexibility allows students to keep their jobs, they are able to pay their own way. The need for extra loans to cover living costs is vastly reduced.
Good career prospects, because according to the GMAC 54% of organizations considered an online program to be of equal value to an in-person program.
And, finally, the possibility of a global perspective, because—with no campus—students can sign up from all over the world.
Are There Any Drawbacks?
There are, of course, some downsides to taking an MBA program online. These negative aspects fall primarily into the categories of networking opportunities and chances for collaboration.
The former of these is limited when taking an online MBA, since less time is spent with peers, professors and faculty staff in person, and so less opportunities arise to forge connections.
The latter of these is due to the structure of online MBAs, which lean heavily on asynchronous discussions, self-lead learning and virtual platforms. Group projects and classroom interactions are limited, and students must bring their own motivation to their work.
And finally, to look again at the GMAC statistic declaring that 54% of organizations equally value online and traditional MBA graduates: it is important to note that this means that nearly half do not. When considering whether an affordable online MBA is worth it for you, some research on how your program is viewed by potential employers is crucial.
The Online MBAs with the Lowest Cost
Just as they do within on-campus MBAs, prices within the online MBA space can vary greatly.
Take a look at the following list of the five most affordable US-based online MBA programs. Programs are listed by price per credit unit:
| School | Location | Total Price (USD) |
|---|---|---|
| Northeastern State University | Oklahoma | 36 credits x $251/credit = $9,036 |
| Georgia Southwestern State University | Georgia | 30 credits x $257/credit = $7,710 |
| Fitchburg State University | Massachusetts | 30 credits x $275/credit = $8,250 |
| Eastern New Mexico University | New Mexico | 30 credits x $297.25/credit = $8,917.50 |
| Missouri State University | Missouri | 33 credits x $309/credit = $10,197 |
To Conclude—Should You Do Your MBA Online?
Alongside affordability, a few key elements of an online MBA program should be considered to determine whether one is worth signing up to. These include:
- The specializations and concentrations on offer, and whether they align with your own career goals and interests.
- Accredited programs and academic standards. It’s important that the program you sign up to is rigorous and comprehensive. Usually, accreditation from a recognized body is a good indicator of academic quality.
- Program faculty and their experience.
If the above all tick boxes for you, and you think you would benefit from the flexibility and affordability of an online MBA program, it might be a good fit for you.
