Choosing a Master of Business Administration (MBA) program can be challenging due to many considerations, the chief among them being cost. The cost of different online MBA degree programs might vary by a wide margin based on several variables and factors. On the other hand, the potential increase in earnings that getting an MBA can provide can frequently compensate for the cost of these programs. Several high-quality online MBA programs are available at various price points, with features corresponding to increased costs. Online Masters Colleges (OMC) analyzed a host of online MBA programs to assist students who compare program prices and understand the aspects that contribute to their variances. Read this student guide to find out more about the Online MBA Cost.
University of Florida (UF) is a public, accredited university based out of Gainesville, Florida, and is consistently ranked as one of the top universities in the country. UF has a 2,000-acre campus with more than 900 buildings and currently serves more than 50,000 students. UF has robust online learning programs that are flexible, taught by top industry faculty, and provide unparalleled networking and personal growth opportunities. UF graduates are proud members of the Gator Nation of more than 450,000 living alumni who reside in every state and in more than 150 countries.
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Southern New Hampshire University is a private, nonprofit, accredited institution with more than 3,000 on-campus students and over 60,000 online students, making us one of the fastest-growing universities in the country. Founded in 1932, we’ve been relentlessly reinventing higher education ever since and have gained national recognition for our dedication to helping students transform their lives and the lives of those around them.
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The total cost of an online MBA programis determined by various factors. Students from within and outside of the state may be required to pay a different amount for tuition, and the costs of attending a private college are often higher than those of a public school. MBA programs that are more well-known or prestigious and programs that provide a greater number of services both before and after graduation may charge higher tuition.
Because various regions have greater costs of living, an institution’s physical location is another factor that contributes to the overall cost. Fortunately, online students are not physically present at the school and therefore not impacted in any way by the cost of living in the surrounding area. Almost all online students can reduce their expenses related to travel and housing.
Tuition is only one component of the overall price of an online MBA degree. Students are responsible for paying for their own textbooks and materials, in addition to any additional costs that may apply, such as buying or upgrading their computers, investing in computer accessories, getting a high-speed internet connection, etc. Students may also have to reduce the number of hours they work or look for lower-paying jobs that provide greater flexibility for their academic pursuits, both of which may result in a decrease in income while they are enrolled in a program.
Cost of Enrolling in an Online MBA
There are plenty of additional MBA charges that crop up throughout the duration of an online MBA program, over and above the tuition fees. Textbooks and other essential resources for classes are typically not provided free of charge to students. Most colleges charge their students various costs, including application, registration, and graduation fees. Because they do not use on-campus services, online students are frequently excused from facility or library fees; nevertheless, they may be required to pay specific online fees instead.
Here is an example of some of the various fee components colleges tend to charge their on-campus and online MBA students:
The table above shows that online students pay significantly less for their MBA programs than their on-campus peers.
An important point to note is that the average cost of attendance at a private institution is far higher than that of a public university, which is why public universities are at the bottom of this list when it comes to costs.
What do Higher-Cost Online MBA Programs Offer?
While almost all online MBA programs provide good value for the amount they charge their students, here is a look at what higher-costing ones provide for the extra pay students pay:
Academic Brand Recognition – One of the top features a higher-costonline MBAprogram brings to the table is the college’s academic brand recognition and reputation. Legacy and well-established institutions add credibility and heft to the degree and provide graduates an added advantage when seeking jobs.
Quality & Experienced Faculty – Most top and higher-priced schools tend to have an excellent faculty lineup. Professors of theonline MBA program are usually well-qualified (from reputed institutions) and have many years of experience.
Synchronous Courses – Higher-cost online MBA programs are often known to offer synchronous classes to maintain a high standard of instruction and provide students with a structure. This in turn, makes the degree more ‘standard’ in that students go through the same education and graduate at the same time.
Global Exposure – Colleges that offer more expensive online MBA programsopen the doors to experts and professionals from business and industry from across the globe. This provides students with knowledge and understanding beyond the textbook.
Internships and Career Coaching – Another critical feature of higher-cost online MBA programs is the opportunity they provide to intern at large multinational corporations. These institutions also offer additional coaching and counseling for career development and advancement and also assist in job placements.
How to Choose the Best Online MBA by Cost?
So, how does one choose the best online MBA program based on cost? Listed below are some crucial aspects of business schools and their MBA. Students should check to see if (a) the college and program meet their academic goals and (b) if the program is worth investing in, based on each aspect:
Accreditation – Students should seek out an authorized MBA program, ensuring that the program fulfills high-quality criteria. The Accreditation Council for Business Schools and Programs (ACBSP), the International Accreditation Council for Business Education (IACBE), and the Association to Advance Collegiate Schools of Business are all renowned accreditation agencies that evaluate MBA programs (AACSB). Many firms look at the candidate’s school’s accreditation status. An MBA from an accredited university ensures that one’s money is well spent and provides the ability to advance their career. Read about the benefits and importance of accreditation in theAccreditation Guide.
Faculty – Checking the educational qualifications, experience, and background of faculty members is always a good idea. The quality of the online MBA program is directly related to the quality of its teaching members.
Infrastructure – A college that offers an excellent online MBA program must have excellent infrastructure, especially in technology – computers, software, online tools, etc.
Courses & Electives – The more comprehensive the selection of core courses and electives available for an MBA program, the better. This way, students can tailor-make the degree to suit their requirements and align them with their career objectives.
Concentrations – To gain an edge over the competition, students should consider opting for specialization with the MBA. Specializations provide deeper insights into a specific area of study and could lead to niche jobs that pay well.
Internships & Placements – Internships are an excellent way to further one’s knowledge base and gain much-needed exposure that would otherwise not be possible from learning only from a textbook. Learning the ropes and on-the-job training goes a long way in making one employable and ready to begin or advance their career. Campus placements too, are equally important, as they save students the hassle of going out there and looking for a job. Of course, internships and placements are for students who are yet to begin working and not for working professionals who have returned to school.
Networking Opportunities – To be successful as an MBA professional, networking with industry experts and peers is very essential. Building connections and relationships across the boards will bring several benefits in the short and long term and widen one’s horizon of knowledge and expertise in almost all aspects of business and industry.
Students who want to earn a Master of Business Administration degree must devote not only financial resources but also their time and effort. Researching the various services colleges offer as part of their academic programs is a good idea for prospective students.
How to Save on Your Online MBA?
There are a few ways of bringing the overall cost of an online MBA down. Although seeking financial aid may not quite qualify as ‘reducing cost’, they reduce the amount of money one has to dish out from one’s pocket. Here are some ideas that can help students save on an online MBA:
Financial Aid – Financial aid can be in the form of scholarships, grants, assistantships, student loans, or from FAFSA. Getting financial assistance will ease the pressure of having to fund an MBA. The Federal Government, Universities, and many Business Corporations give out financial aid in different guises. More information on financial aid is available in the Best Guide to Financial Aid.
Accelerated Degrees – Another good way to save money on an online MBAis to opt for fast-track, 1-year, or accelerated programs. Not only do accelerated programs lead to faster completion times, but they also typically focus on fewer subjects resulting in fewer classes and offering more flexibility in schedule and structure. Accelerated degrees that combine a bachelor’s with a master’s as a 4+1 year combo, rather than the usual 4+2 requirement, can potentially reduce the overall educational costs. Students can read OMC’s guides onAccelerated MBA ProgramsandOne Year MBA Programsto know more.
Enroll in a No GMAT Program – Several universities are waiving the GMATscore as an admission requirement. Although this does not directly bring down the cost of the online MBA program, it saves students the money they would have had to invest in pursuing a GMAT course and paying the examination fees. More information on No GMAT MBAs is available in theMBA No GMAT guide.
Choose In-State Public Universities – Although this option is more applicable to students opting for on-campus programs, choosing to attend an in-state public university rather than a private one or an out-of-state one may prove cost-beneficial. In several instances,online MBA programsare also offered at lower prices in in-state public universities versus in those outside of one’s home state.
Attend an Affordable Program – One of the best ways to keep MBA educational costs in check is to attend an affordable online MBA program that offers exceptional value without compromising quality and credibility. The guide on Affordable MBA Programsprovides detailed information on how students can choose one.
Working while Studying – Working full-time and bringing in an income while studying for an MBA is something that a large number of business students choose to do. This choice can greatly reduce the overall cost of the MBA program. When attending an on-campus program, it can be exceptionally challenging to juggle the demands of both job and education successfully. Pursuing an MBA through an online program can make it significantly easier to keep one’s current work. Students have the flexibility to finish their schoolwork whenever it is convenient for them because coursework is frequently made available asynchronously.
Pay off Loans while in School – The Master of Business Administration is often paid for by students taking out loans. Because they often have cheaper interest rates, federal loans are popular among borrowers. However, because these loans are typically unsubsidized, interest will continue to accrue even while the borrower is enrolled in an educational program. Working while pursuing a Master of Business Administration enables an individual to start making loan repayments earlier, which reduces the overall cost of their education.
FAQs about Online MBA Cost
Q. How to identify the cost of an online MBA?
A. The total cost of getting an online MBA is significantly more than the tuition rates alone imply. Examine the school’s website to determine the total cost of the MBA, including tuition and any other applicable fees, before selecting a program to pursue. These fees could include an application fee, a registration fee, a fee for using technology, a fee for using the library, a fee for using a program or facility, a fee for graduating, an international student fee, and a graduation fee and more. Online students may be required to pay additional fees for participation in specific programs, although they may not have to pay for other components that traditional students would pay. Additionally, the tuition fees of an MBA program vary from school to school; therefore, students need to determine whether or not their tuition covers the cost of textbooks and supplies. It may be tough to unearth any hidden charges; if one feels confused or overwhelmed, it is best to talk to an admissions counselor.
Q. Is an online MBA as good as an offline MBA?
A. In most cases, anonline MBA is equivalent to an on-campus MBA, if not better. If the school offering the online MBA program is reputed, accredited, and has well-trained and experienced faculty, the culminating master’s degree is just as valuable as an offline-earned degree. Employers, too, do not generally differentiate between online and traditional MBA graduates.
Q. Online or offline MBA – which is better?
A. Learners who enroll in online MBA programs have the advantage of studying from the comfort of their own homes, and most online students can maintain employment while pursuing their degrees. Earning money while attending school can assist in paying for the degree and lower the amount of debt incurred by the student. Although this is a significant cost-benefit, ultimately, prospective students should investigate the relative expenses of digital versus physical course materials and programs while comparing on-campus and online MBA programs to help determine the best educational option for them.
Q. Is an online MBA worth it?
A. Before enrolling in a Master of Business Administration program, prospective students should carefully consider both the financial and time commitments required of them. Graduates often have improved career chances because of having an advanced degree in addition to business skills, despite the considerable financial expenditure. MBA graduates earn an average starting income of $75,197 per year, according to a2020 Salary Survey by the National Association of Colleges and Employers (NACE). This is over $17,000 per year, more than the average for those who hold a bachelor’s degree. So arguably, doing an online MBA is worth it.
For students looking for more information on various online MBA programs and everything related to MBAs and master’s degrees, Online Masters Colleges (OMC) has in-depth, comprehensive guides to pursue. Read up on:
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