Many students and professionals reach a point where they want to look for growth into a leadership position. And ask themselves if they are ready to advance to a well-paid management position. Earning an online master’s in management can take you to an elite role with leadership, human resources, project management, and healthcare administration expertise. The US Bureau of Labor Statistics found that professionals holding a master’s degree earn $300 per week over graduates with only a bachelor’s degree. Graduate degrees are expensive, but this guide is about finding an affordable Masters in Management degree program that offers high-quality preparation for the competitive business world. We’ve ranked the best online MIM programs based on affordability and academic excellence, and we’ve compiled a list of specialization options.
It’s easy to get tangled up in your comprehensive search for the best online master in management. Using a custom methodology, we have evaluated many of the upper-echelon programs to compare their tuition, student services, accreditation, program excellence, business-school reputation, faculty honors, and graduation rates. Here are the best Masters in Management programs:
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College Name & Address | Tuition | Graduation Rate |
---|---|---|
#1 University of Florida Tigert Hall, Gainesville, Florida 32611 | $10,770 | 88% |
#2 Harvard University Massachusetts Hall, Cambridge, Massachusetts 02138 | $49,448 | 97% |
#3 Pepperdine University 24255 Pacific Coast Hwy, Malibu, California 90263 | $36,200 | 86% |
#4 Michigan State University East Lansing, Michigan 48824 | $18,858 | 81% |
#5 George Washington University 1918 F Street, NW, Washington, District of Columbia 20052 | $31,770 | 82% |
#6 Stevens Institute of Technology Castle Point On Hudson, Hoboken, New Jersey 07030 | $37,414 | 85% |
#7 Indiana University, Bloomington 107 South Indiana Ave., Bloomington, Indiana 47405 | $9,786 | 79% |
#8 Quinnipiac University Mt Carmel Ave, Hamden, Connecticut 06518 | $19,350 | 77% |
#9 The University of Alabama 739 University Blvd, Tuscaloosa, Alabama 35487 | $10,780 | 71% |
#10 University of Texas, Dallas 800 West Campbell Road, Richardson, Texas 75080 | $14,560 | 70% |
#11 Embry-Riddle Aeronautical University, Daytona Beach 1 Aerospace Blvd., Daytona Beach, Florida 32114 | $18,228 | 62% |
#12 Robert Morris University 6001 University Boulevard, Moon Township, Pennsylvania 15108 | NA | 65% |
#13 Webster University 470 E Lockwood Ave., Saint Louis, Missouri 63119 | $13,500 | 58% |
#14 University of Colorado Denver 1380 Lawrence Street, Lawrence Street Center, Suite 1400, Denver, Colorado 80217 | $6,786 | 52% |
#15 University of St. Francis 2701 Spring St, Fort Wayne, Indiana 46808 | $11,448 | 55% |
#16 Liberty University 1971 University Blvd, Lynchburg, Virginia 24515 | $7,935 | 47% |
#17 Texas A & M University, Commerce 2600 South Neal Street, Commerce, Texas 75428 | $3,630 | 43% |
#18 Southern New Hampshire University 2500 North River Road, Manchester, New Hampshire 03106 | $18,810 | 44% |
#19 National University 11255 North Torrey Pines Road, La Jolla, California 92037 | $15,480 | 29% |
#20 Florida Institute of Technology Online 150 West University Blvd, Melbourne, Florida 32901 | $16,128 | NA% |
Source – Integrated Post Secondary Education Data System & University Data
*Tuition rates are for in-state and per year. Program specific rates may apply.
**NA – data not available
Affordability is a primary concern in a school search. The average cost of an accredited master’s program is $40,000. If you attend a prestigious business school, tuition can top $100,000. Are you looking for a cheap online masters in management offering a top-notch education? We’ve done the homework for you and compiled the list of the most affordable online masters in management programs. Here is the list:
<a href="https://www.onlinemasterscolleges.com/online-masters-in-management/">Masters in Management Online</a>
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College Name & Address | Tuition | Graduation Rate |
---|---|---|
#1 Middle Georgia State University 100 University Parkway, Macon, Georgia 31206 | $3,582 | 23% |
#2 Texas A & M University, Commerce 2600 South Neal Street, Commerce, Texas 75428 | $3,630 | 43% |
#3 Fort Hays State University 600 Park St, Hays, Kansas 67601 | $3,726 | 43% |
#4 Chadron State College 1000 Main St, Chadron, Nebraska 69337 | $4,185 | 45% |
#5 Tarleton State University 1333 W. Washington, Stephenville, Texas 76401 | $4,248 | 49% |
#6 Southeast Missouri State University One University Plaza, MS2025, Cape Girardeau, Missouri 63701 | $5,373 | 50% |
#7 American Public University System 111 W Congress St, Charles Town, West Virginia 25414 | $6,660 | 40% |
#8 University of Colorado Denver 1380 Lawrence Street, Lawrence Street Center, Suite 1400, Denver, Colorado 80217 | $6,786 | 52% |
#9 Amberton University 1700 Eastgate Dr, Garland, Texas 75041 | $6,840 | NA% |
#10 Liberty University 1971 University Blvd, Lynchburg, Virginia 24515 | $7,935 | 47% |
#11 University of Maryland, University College 3501 University Blvd East, Adelphi, Maryland 20783 | $8,640 | 15% |
#12 Minot State University 500 University Ave W, Minot, North Dakota 58707 | $8,731 | 45% |
#13 Peru State College 600 Hoyt Street, Peru, Nebraska 68421 | $9,120 | 34% |
#14 Indiana University, Bloomington 107 South Indiana Ave., Bloomington, Indiana 47405 | $9,786 | 79% |
#15 University of Florida Tigert Hall, Gainesville, Florida 32611 | $10,770 | 88% |
#16 University of Alabama 739 University Blvd, Tuscaloosa, Alabama 35487 | $10,780 | 71% |
#17 Thomas Edison State University 111 W State St, Trenton, New Jersey 08608 | $12,024 | NA% |
#18 Webster University 470 E Lockwood Ave., Saint Louis, Missouri 63119 | $13,500 | 58% |
#19 Strayer University 5110 Auth Way, Suitland, Maryland 20746 | $14,940 | 10% |
#20 Michigan State University East Lansing, Michigan 48824 | $18,858 | 81% |
Source – Integrated Post Secondary Education Data System & University Data
*Tuition rates are for in-state and per year. Program specific rates may apply.
**NA – data not available
Students need to fully understand the online masters in management programs before signing up. These programs can get complex and overwhelming if students don’t make a plan. The first step in this process is to know about the master’s in management course details. In this section, we will dig deep into the online masters in management programs.
There are three major online Masters in Management degrees to consider: MS, MA, and MBA. Each qualifies you as a manager, but there are major differences between the three. To help you decide the ideal course for a management career, we’ve distinguished the programs with Masters in Management course details and focus:
The online MS in Management is the gold standard for students who plan on various industries’ leadership roles. Unlike the MA, the MS degree offers a greater variety of concentrations in management studies. It is not a terminal degree, meaning graduates may earn a doctorate if they choose. Studies traditionally culminate in a thesis or Capstone project.
You’ll find universities offering an online MA in Management. While the program may cover some of the MS curricula, the MA is considered a terminal degree. MA students do not intend to go on to a doctoral program or teach management at the university level. A thesis may not be required.
The MBA in Management is a one to a two-year degree (full-time) designed for business professionals who want to take their existing career into the realm of executive, supervisory, and management roles. This management MBA is different from generalist MBAs in that it concentrates on the leadership of finance, human resources, marketing, and personnel leadership. Find out more about this degree on our MBA page.
Today’s online Masters in Management degree programs combine a series of core classes with coursework in a management specialization. You can choose your degree concentration based on the sector where you plan to practice. Find more details on our organization leadership page.
Healthcare Management Strategy and Leadership | Graduate students learn about managing healthcare systems and services. Courses cover economic principles and decision-making strategies, healthcare practices, and terminology. Learn the techniques for leading healthcare organizations’ accounting and financial functions. |
Project Management | This Masters in Leadership online specialization features studies in project planning and evaluation, cost estimating and control, human resources skills, and financial contracts and procurements. |
Marketing Management | Develop management strategy and leadership in creating marketing strategies to lead your team in promotions and sales. Conduct market research, explore the competitive landscape, and choose the right avenues for print and broadcast ads, press releases, multimedia, and digital communications. |
Management Information Systems | This specialization in the Masters in Leadership online combines advanced IT skills with best-practice management strategies. Learn to organize and prioritize technical initiatives to see them through to completion. |
By graduation day at your online Masters in Management program, you’ll have a leadership toolkit that serves well incorporate or non-profit management professions. Through online classes and required projects, students learn critical skills in project management, business communications, human resource leadership, accounting, and change management strategies. Here’s a sampling of Masters in Management courses:
Masters in Management Courses | Description |
---|---|
Project management | Students learn the specific skills specific to project management, including financial allocation, cost models, quality and risk management, change orders, and implementing best-practice solutions. |
Human resource management | This advanced course explores the strategic planning process for recruiting, training, evaluating, and retaining employees. Includes examination of leadership ethics and HR policies. |
Innovative leadership | This course covers topics including effective leadership, organizational behavior, implementing change, and project management. |
Statistics for decision making | Business students learn the strategic methodologies for gathering data, interpreting results for the management, and examining trends. |
Management capstone | As a final project, students create an e-portfolio of their work, illustrating the skills and knowledge they have mastered. The presentation includes the application of their skills in a real-life business problem. |
When a business school gains national or regional accreditations, it means you’ll receive a program that complies with educational guidelines for a thorough and quality MIM education. If students fail to attend accredited management courses, they become ineligible for federal financial aid. They may also be prohibited from earning professional certifications or enrollment in continuing education. Learn more about accreditation.
Here are some national organizations that provide business school accreditation:
Accreditation Council for Business Schools. Universities and business schools may seek voluntary accreditation from the ACBS that evaluates teaching excellence and continuous efforts to improve accredited management courses. Founded in 1988, the ACBS currently accredits more than 1,200 programs in 60 countries.
The Association to Advance Collegiate Schools of Business (AACSB International). The AACSB accredited institutions include private and public schools offering business degrees from the associate to the doctorate. To date, AACSB currently accredits nearly 900 business schools.
Here are the six regional accreditation organizations:
The total time it takes to complete the online Masters in Management is governed by several variables. The time to graduation is based on the total number of required credits and whether they attend a full- or part-time schedule. There may be prerequisites that must be completed before accruing program credits. In most cases, earning the MIM will require two years. Depending on the requirements and the student’s availability, the degree may take from 1.5 to 4 years. There are ways to shorten the duration. For example, full-time online students might take more courses per term than the recommended course load.
For students pressed for time, accelerated programs are available to be completed in a year (see below).
Admission requirements can vary from school to school. Typically, applicants must satisfy the general requirements established by the graduate school. They must also address any business division requirements offering the online Masters in Management, including any prerequisite courses. Here a glance at the most-common entrance requirements for the degree program:
Academic transcripts | Submit official transcripts for each undergraduate or graduate course you have completed. Applicants should have maintained a 3.0 GPA or higher. |
Personal statement | The personal statement may be called an application essay. It should cover your career aspirations, educational goals, and why their particular program is best for you. |
Current professional resume | The business school wants to know about your experience and why it’s relevant to the online Masters in Management. Students may receive class credit or waivers for taking GRE/GMAT exams with a powerful resume. |
Professional recommendation letters | Two to three letters may be required. They should come from professors in your previous schooling that attest to your academic promise. Letters from employers may also be acceptable. |
GMAT/GRE scores | University guidelines require some programs to require graduate testing scores. The GMAT is the preferred entrance exam for this major. Many schools will waive the graduate exams if the applicant’s prior degree, related work experience, and other application documentation demonstrate aptitude. Learn more about the GRE and GMAT. |
The duration for completing the degree and returning to the workforce is a concern for some students. The one-year online Masters in Management is an accelerated degree option. The university and the program are accredited, yet the total number of hours required for graduation may be lower than at traditional online Masters in Management programs. To complete the program, online students must be dedicated to keeping up with rigorous, accelerated studies. Often, students can customize their curriculum to focus on career advancement, career change, and entrepreneurship. Here are some one year online masters in management programs:
12 months
Graduate school is expensive. However, there are substantial private and Federal Student Aid packages for graduate students, including subsidized public loans. In seeking loans, students enrolling in an online Masters in Management should budget accurately and borrow wisely. Forbes Magazine reports that the 2020 student debt balance was $1.56 trillion. The financial aid process for fellowships, grants, loans, and graduate assistantships begins when you complete the Free Application for Federal Student Aid (FAFSA).
Let’s explore your financial aid options, one by one:
Both non-profit associations and private organizations offer scholarships, as do universities and business schools.
Scholarships are awarded based on academic performance and student need. They do not need to be paid back.
Students can apply for grants from the federal government , from the state, or from the university they attend. This gift-based financial aid does not need to be repaid.
The US Department of Education’s federal student loan program offers four kinds of loans, subsidized and unsubsidized. There are also private loans from banks and credit unions. Students need to pay all loans back — plus interest — upon leaving the university.
This federal program allows grad students to tackle part-time jobs in their field while in school. Many institutions don’t support their students in working at the campus or off-campus jobs while studying.
Tuition reimbursement may be available from your employer. These are incentives to assure you will remain with the employer for a specified amount of time. It’s an investment in your advanced education. Most plans require students to pay for and complete their program before the firm offers repayment.
Get detailed information on how to pay for your online Masters in Management on the Best Financial Guide.
Scholarships are available to pay for all or part of the total tuition for an Online Masters in Management. They may be offered based on academic achievement or potential. The best part is that you don’t have to repay your scholarship. They are awarded by professional management organizations, individual universities, and business degree programs at your university. Here’s a sample of the management scholarships out there:
Who Can Apply: The AKA Scholarships are granted for one year, and selection is based on academic merit and financial need. Applicants must be enrolled in a graduate program on a full-time basis and have a community involvement record.
Amount: $2,500.
Who Can Apply: Open to full-time graduate students with a demonstrated commitment to management in the public sector. The Girard Miller Foundation has funded this scholarship since 1985.
Amount: up to $20,000.
Who Can Apply: Open to students pursuing a master’s degree in areas related to health informatics or health information leadership. The AHIMA Foundation sponsors it. Preference goes to grad students specializing in the management of internet marketing.
Amount: $2,000.
Who Can Apply: Applicants must be of Hispanic background and be a graduate management major at an accredited university. The Hispanic Scholarship Fund (HSF) offers $30 million in scholarships per year.
Amount: Varies, $1,500 to $10,000.
The accredited, online Master of Science in Management (MSM) degree focuses on developing leadership skills for students who have earned a bachelor’s degree. Concentrations in the curriculum allow students to concentrate on the industries that most-appeal to them. An MSM differs from an MBA degree and is more suitable for students preparing to enter the management profession.
Many factors influence the cost of the degree. Private schools tend to charge higher tuition than public universities. Part-time students may pay more because the total time to earn the degree is extended. Our research shows that the total cost of the degree ranges from $15,000- $40,000.
Master of Management career opportunities looks promising. Per the US Bureau of Labor Statistics, national employment in all management occupations is predicted to increase by 5 percent, 2019 – 2029, creating 505,000 new jobs. We have compiled four popular career options based on the MSM professional title, median annual salaries, and job outlook. Growth rates for the following four Master of Management career opportunities are higher than the projected growth rate for all American professions in the decade:
Occupation | Median Annual Salary | Job Growth (2018-2028) | Job Description |
---|---|---|---|
Financial Managers | $129,890 | 15% | Financial managers are responsible for growth and profits in private enterprises. They create income projections, financial strategies, and investments. |
Advertising, Promotions, and Marketing Managers | $135,900 | 6% | Advertising, promotions, and marketing managers develop and analyze corporate business campaigns to compete in the marketplace and boost earnings. |
Medical and Health Services Managers | $100,980 | 32% | As the fastest-rising group in the management field, medical and health managers plan and oversee the financial programs for hospitals, group medical practices, clinics, and nursing homes. |
Computer and Information Systems Managers (IT) | $146,360 | 10% | Information technology managers hold a supervisory position. They plan and implement hardware and software solutions to solve business problems. |
Source: US Bureau of Labor Statistics
Beyond graduation, working managers can increase job opportunities or advance into leadership roles by obtaining a voluntary MSM certification. Certifications are available from professional organizations that measure your education and skills in your specialty. There are no licenses required for the profession except for those who work as personal financial or insurance advisers. These are common certifications held by managers:
There are abundant resources that can support your degree work toward an Online Masters in Management. These include professional management associations that offer student memberships. They offer research resources, publications, conferences, and certifications. At the same time, management organizations serve the interests of professionals who are already working. Some organizations offer job boards and employment assistance. One of the most-indispensable features of the association is the opportunity to network with fellow students, mentors, and potential employers. Here are some examples of organizations that support students and managers in healthcare, finance, marketing, and human resources:
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