Many students and professionals reach a point where they contemplate pursuing growth in a leadership position. They question their readiness to progress to a well-compensated management role. An online master’s in management can lead to an elite position equipped with expertise in leadership, human resources, project management, and healthcare administration. While graduate degrees come with a hefty price tag, this guide focuses on identifying an affordable Masters in Management degree program that provides top-notch preparation for the competitive business landscape. The best online MIM programs have been ranked based on their cost-effectiveness and academic excellence, and a list of specialization options has been compiled.
In assessing the rankings of Master’s in Management programs, a comprehensive methodology was employed that considered various factors, including curriculum quality, knowledge acquisition, cost, and alignment with specialized areas. Faculty expertise, institutional resources, research facilities, career prospects, communication, networking opportunities, program structure, and graduation rate were also considered. The OMC team conducted extensive research, analysis, and surveys to ensure accuracy and objectivity in the evaluation process. Here are the best master’s 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 crucial factor when selecting a school. Accredited master’s programs have varying costs, and prestigious business schools tend to be more expensive. For those seeking an economical yet high-quality option, a list of the most budget-friendly online master’s in management programs is compiled to assist in making an informed choice. The methodology for ranking the most affordable master’s in management degree programs is considered the key factor of utmost concern to students. Here is the list of top affordable programs compiled by OMC:
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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
Online Master’s in Management programs provide a comprehensive curriculum that blends core courses with specialized management topics. Students gain essential skills in project management, leadership, human resources, and decision-making. The programs often include capstone projects or e-portfolios to showcase practical applications. Flexible online learning allows working professionals to balance studies with their careers and advance their management expertise.
Upon completing an online Master’s in Management program, graduates gain a leadership toolkit applicable to corporate and non-profit management roles. The curriculum includes essential skills in project management, business communications, human resource leadership, accounting, and change management strategies. Here is a sample of the Master’s in Management courses:
Master’s in Management Courses | Description |
---|---|
Project management | This course focuses on developing specific skills essential for effective project management, such as financial allocation, cost models, quality and risk management, change orders, and implementing best-practice solutions. Students gain expertise in handling complex projects and achieving successful outcomes. |
Human resource management | This advanced course delves into the strategic planning process for recruiting, training, evaluating, and retaining employees. It also involves an in-depth analysis of leadership ethics and formulating effective HR policies to ensure a harmonious and productive work environment. |
Innovative leadership | This course encompasses effective leadership, organizational behavior, change implementation, and project management, equipping students with the skills and knowledge to lead and drive innovation within organizations. |
Statistics for decision-making | Business students gain essential knowledge of strategic methodologies for data collection, result interpretation, and trend analysis, enabling them to make informed decisions crucial for effective management. |
Management Capstone | In this course, students develop an e-portfolio showcasing their mastery of skills and knowledge gained throughout the program. This presentation demonstrates the application of their expertise to solve real-life business challenges effectively. |
Three major online Master’s in Management degrees should be considered: MS, MA, and MBA. Each qualifies individuals as managers, but there are significant differences among them. To assist in deciding the ideal course for a management career, the programs have been distinguished with Master’s in Management course details and focus:
The online MS in Management is the gold standard for students who plan on various industry 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.
Universities that offer an online MA in Management can be located. Although the program may encompass certain aspects of the MS curriculum, the MA is a terminal degree. Students pursuing an MA do not plan to progress to a doctoral program or engage in teaching management at the university level. A thesis may not be a mandatory component.
The MBA in Management is a one to two-year degree (full-time) designed for business professionals who want to take their existing career into 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.
MBA programs come with a higher cost than MA and MS programs in Management, making the MBA in Management an investment in comprehensive business and financial education.
The key difference between a Master’s in Management (MiM) and an MBA in Management lies in their target audience, curriculum, and focus. A MiM is typically designed for recent graduates or early-career professionals with limited work experience. It offers foundational knowledge in management principles, leadership, and business functions.
On the other hand, an MBA in Management is tailored for individuals with several years of work experience, aiming to advance their careers into higher management positions. It provides a broader and more in-depth understanding of business concepts, strategic decision-making, and specialized areas such as finance, marketing, and entrepreneurship. Both degrees prepare graduates for management roles, but their timing and emphasis vary to suit different career stages.
Today’s online Master’s in Management degree programs integrate core courses with specialized management coursework, allowing students to select their degree concentration based on their intended sector of practice. For additional details, read our organization leadership page.
Area of Focus | Description | Careers This Concentration Prepares For |
---|---|---|
Healthcare Management Strategy and Leadership | This specialization centers on navigating the complex healthcare industry. Students develop skills in healthcare policy, financial management, and leadership. This specialization prepares individuals to lead and innovate in healthcare organizations, addressing challenges and improving patient outcomes through strategic management approaches. | Healthcare Manager, Healthcare Strategist, Health Services Administrator |
Project Management | This Master’s in Leadership online specialization features project planning and evaluation studies, cost estimating and control, human resources skills, and financial contracts and procurements. | Project Manager, Project Coordinator, Program Manager |
Marketing Management | This specialization focuses on developing strategic marketing skills. Students learn to create effective marketing plans, analyze market trends, and enhance brand positioning. The specialization equips individuals with the knowledge to drive successful marketing campaigns and navigate the dynamic landscape of consumer behavior. | Marketing Manager, Brand Manager, Sales Manager |
Management Information Systems | This specialization emphasizes integrating technology and business strategies. Students gain expertise in leveraging information systems to enhance organizational efficiency, decision-making, and innovation. This specialization prepares individuals to lead in the digital age by aligning technology solutions with business objectives. | IT Manager, Systems Analyst, Information Systems Manager |
Strategic Human Resource Management | This specialization focuses on aligning HR practices with organizational goals. Students delve into talent acquisition, performance management, and employee development strategies. This specialization equips individuals to lead HR initiatives that contribute strategically to overall organizational success and sustainability. | Human Resources Manager, HR Consultant, Organizational Development Specialist |
Typical Timeline: 2 years
Credits to Completion: 30
The total time it takes to complete the online Master’s 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 1.5 to 2 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.
The duration of completing the degree and returning to the workforce is a concern for some students. The one-year online Master’s 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 Master’s 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:
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 Master’s in Management, including any prerequisite courses. Here is a glance at the most common entrance requirements for the degree program:
Academic transcripts
Submit official transcripts for each completed undergraduate or graduate course. Applicants should have maintained a GPA of 3.0 or higher.
Personal statement
The personal statement, also known as an application essay, should encompass career aspirations, educational goals, and reasons why the specific program is the most suitable.
Current professional resume
The business school seeks information on experience and its relevance to the online Master’s in Management. Students may earn class credit or waivers for GRE/GMAT exams with a compelling resume.
Professional recommendation letters
Two to three letters may be required. These should come from professors in previous schooling who attest to 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.
Working students juggling their master’s programs with busy schedules may find preparing for GRE entrance exams time-consuming. The good news is that numerous Online Master’s in Management programs don’t require GRE scores. For exam preparation and program information without these requirements, visit the GRE Prep page. Also, ensure the chosen degree is accredited by advanced collegiate schools. Northeastern University D’Amore-McKim School of Business4 is an example of a university that does not require a GRE score for its MS in Management program.
When a business school attains national or regional accreditations, it ensures a program that adheres to educational standards for a comprehensive and high-quality Master’s in Management education. Lack of attendance in accredited management courses may render students ineligible for federal financial aid and prevent them from obtaining professional certifications or enrolling in continuing education. Learn more about accreditation.
Here are some national organizations that provide business school accreditation:
Accreditation Council for Business Schools5
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)6
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:
In the world of management, students can join free courses to understand the field better. These courses give useful ideas about what management professionals do. When students finish these courses, they might get completion certificates, but organizations might not accept them as valid or the same as recognized courses. Here are some free management courses for students to consider.
Course | Quality Management Essentials Simplified13 |
Offered by | Udemy |
Description | This course provides a clear understanding of fundamental quality management principles. Covering key concepts, tools, and techniques, this course equips learners with the skills needed to enhance product and service quality, optimize processes, and drive continuous improvement. Ideal for professionals seeking to master quality management in a concise and accessible format. |
Course | Diploma in Modern Project Management14 |
Offered by | Alison |
Description | Utilizing the Project Management Institute’s Book of Knowledge, this free online diploma course delves deeply into contemporary project management theory and optimal practices. The perpetual drive for enhanced project efficiency within organizations makes skilled project managers highly sought-after. This program further imparts the art of skillfully overseeing tasks and assuming leadership responsibilities, empowering individuals with effective project management capabilities. |
Course | People Management15 |
Offered by | Class Central |
Description | In this course, students explore People Management, acquiring insights into team motivation, communication, and conflict resolution. They develop skills to cultivate a positive workplace, optimize performance, and foster growth. This free online resource empowers learners to elevate their abilities, enabling them to lead and inspire successful teams. |
Opting for an online degree offers flexibility and convenience to individuals aiming to enhance education and career opportunities. However, the expenses involved may pose financial challenges. This guide explores diverse methods to fund an online degree, such as scholarships, grants, fellowships, and financial aid, ensuring academic aspirations can be achieved without undue financial burden.
Scholarships for Online Master’s in Management Students
Various entities, including non-profit associations, private organizations, universities, and business schools, offer scholarships for Online Master’s in Management. These scholarships are typically awarded based on academic performance and student needs, providing financial support for all or part of the total tuition. The best part is that scholarships do not need to be repaid. Here are a few examples of the management scholarships available:
Scholarship | Alpha Kappa Alpha Graduate Scholarships16 |
Description | 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. |
Award/Amount | Varies |
Application Deadline | August 15 |
Scholarship | Goldberg-Miller Public Finance Scholarship 17 |
Description | 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. |
Award/Amount | $25,000 |
Application Deadline | TBA for 2024 |
Scholarship | Innovision Imaging, Inc. Scholarship18 |
Description | 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. |
Award/Amount | $7,000 |
Application Deadline | May 31, TBA for 2024 |
Scholarship | Hispanic Scholarship Fund 19 |
Description | 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. |
Award/Amount | $500-5000 |
Application Deadline | Feb 15, TBA for 2024 |
Grants are a form of gift-based financial aid available to students from various sources, including the federal government, state agencies, and universities. Unlike loans, grants do not require repayment, making them a valuable resource for funding education and reducing the financial burden on students.
The U.S. Department of Education’s federal student loan program20 offers four kinds of loans: subsidized and unsubsidized. There are also private loans from banks and credit unions. Students must repay all loans — plus interest — upon leaving the university.
Federal Work-Study is a government program that enables graduate students to engage in part-time jobs related to their field of study while pursuing their education. It offers valuable work experience and financial assistance. However, some institutions may not allow students to work both on and off-campus jobs simultaneously during their studies.
Employers often offer Tuition reimbursement as an incentive to retain employees for a designated period. It represents an investment in employees’ advanced education. In most instances, students must complete their program and cover the costs upfront before the firm provides repayment. Find comprehensive details on financing online Master’s in Management in the Best Financial Guide.
Graduates of online master’s degree programs in management have a wide range of career opportunities across various sectors, leveraging their specialized focus and experience. High-growth fields encompass financial management, finance and insurance, scientific and technical services, state and local governments, and manufacturing. The following list provides salary information, related job roles, and employment projections for various management careers:
Job Title | Financial Managers21 |
Median Salary | $139,790 |
Job Growth (2022- 2032) | 16% (much faster than average |
Description | Professionals in this field oversee their organizations’ financial growth, analyze investments, and set long-term goals to optimize profits. They report to senior managers, ensuring strategic financial management for sustainable business success. |
Job Title | Account Management Manager22 |
Median Salary | $133,789 |
Job Growth (2022- 2032) | No Data Available |
Description | Account Management Manager oversees and devises sales plans for an account management team, ensuring clients’ ongoing needs and revenue goals are met. They handle major accounts personally, set sales targets, propose product enhancements or sales channel expansions, and report to a department head. |
Job Title | Management Accounting Manager23 |
Median Salary | $120,600 |
Job Growth (2022- 2032) | No Data Available |
Description | In the role of Management Accounting Manager, supervision of the collection and analysis of operational metrics for trend analysis, budget allocations, and forecasts is required. Responsibilities include developing financial accounting and reporting processes that analyze costs and budgets and supporting informed management decision-making. Additionally, the duties will be implementing systems and tools to provide accurate and timely regular and ad-hoc reporting for internal planning purposes. |
Job Title | Emergency Management Directors24 |
Median Salary | $79,180 |
Job Growth (2022- 2032) | 3% (as fast as average) |
Description | Emergency management directors are responsible for developing comprehensive plans and procedures to respond effectively to natural disasters and emergencies. They are crucial in leading and coordinating responses during and after such events, ensuring public safety and minimizing damage. These professionals collaborate with government agencies, first responders, and community organizations to ensure a coordinated and efficient emergency response. With their expertise, they contribute significantly to disaster preparedness and community resilience. |
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 education and skills in the specialty. No licenses are 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 degree work toward an Online Master’s 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 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:
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 most appealing industries. An MSM differs from an MBA degree and is more suitable for students preparing to enter the management profession.
Northeastern University D’Amore-McKim School of Business
Emory Goizueta School of Business
Northeastern University D’Amore-McKim School of Business
Accreditation Council for Business Schools
The Association to Advance Collegiate Schools of Business (AACSB International)
New England Association of Schools and Colleges
Middle States Association of Colleges and Schools
Northwest Commission on Colleges and Universities
Southern Association of Colleges and Schools
Western Association of Schools and Colleges
Quality Management Essentials Simplified
Diploma in Modern Project Management
Alpha Kappa Alpha Graduate Scholarships
Goldberg-Miller Public Finance Scholarship
Innovision Imaging, Inc. Scholarship
Emergency Management Directors
Project Management Professional
American Association of Healthcare Administrative Management (AAHAM)
AMA Certified Professional in Management
American Association of Healthcare Administrative Management (AAHAM)
American Management Association