Online MBA Cost

The total cost of an online MBA program is 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. 

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. 

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: 

1. Academic Brand Recognition – One of the top features a higher-cost online MBA program 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. 
2. Quality & Experienced Faculty – Most top and higher-priced schools tend to have an excellent faculty lineup. Professors of the online MBA program are usually well-qualified (from reputed institutions) and have many years of experience.  
3. 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. 
4. Global Exposure – Colleges that offer more expensive online MBA programs open the doors to experts and professionals from business and industry from across the globe. This provides students with knowledge and understanding beyond the textbook. 
5. 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. 

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: 

1. 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 the Accreditation Guide. 
2. 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. 
3. Infrastructure – A college that offers an excellent online MBA program must have excellent infrastructure, especially in technology – computers, software, online tools, etc. 
4. 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. 
5. 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. 
6. 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. 
7. 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: 

1. 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. 
2. Accelerated Degrees – Another good way to save money on an online MBA is 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 on Accelerated MBA Programs and One Year MBA Programs to know more. 
3. Enroll in a No GMAT Program – Several universities are waiving the GMAT score 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 the MBA No GMAT guide. 
4. 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 programs are also offered at lower prices in in-state public universities versus in those outside of one’s home state. 
5. 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 Programs provides detailed information on how students can choose one. 
6. 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. 
7. 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. 

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: 

• MBA Business Analytics 
• MBA Entrepreneurship 
• MBA Finance 
• MBA International Business 
• MBA Healthcare Management 
• MBA Human Resources 
• MBA Marketing 
• MBA Nonprofit Management 
• MBA Project Management 
• MBA Supply Chain Management 
• Accelerated MBA Programs 
• Affordable MBA Programs 
• Execute MBA 
• MBA No GMAT
• One Year Online MBA 

Also, check out other valuable resources, such as: 

• Best Guide to Financial Aid 
• FAFSA for Graduate School
• Accreditation Guide 
• GMAT Prep Guide 
• GMAT vs. GRE 
• Sync vs. Async Learning