The Most Affordable Traditional MBA Degree Programs for 2024

Badge for MOST AFFORDABLE TRADITIONAL MBA PROGRAMS

Published: Oct 13, 2022
Updated: Nov 22, 2023

Are you a working adult in search of an affordable pathway to an advanced degree? Take a look at the most affordable MBA degree programs here.

Key Takeaways

Earning an MBA is an excellent way to advance your career goals and improve your earning potential.

While the MBA can be costly, there are many excellent graduate schools that offer highly affordable master’s degrees in business.

We rank MBA degrees based both on their academic excellence and their effectiveness at keeping tuition rates low.

See our complete guide to MBAs for more information.

Table of Contents

When it comes to business schools, affordability is very important. The average cost for a year of tuition and fees in an MBA program is between $20,000 and $80,000.

This means you’ll want to take whatever steps necessary to cut the cost of your graduate degree. While earning an MBA from an elite institution like Harvard Business School, the Chicago Booth School of Business, or Columbia Business School can carry a lot of weight and prestige, it may also cost a fortune.

Institutions like Yale University, Dartmouth College, and New York University are also notoriously expensive business schools.

So how can you find the most affordable MBA degree while still enjoying a high quality education and an immersive on campus experience?

You can jump directly down to our MBA rankings for a look at the best business schools with the lowest tuition and fees. Or you can read on to learn more...

Why Look for the Most Affordable MBA Program?

MBA programs are often quite expensive. Looking for business schools based on affordability is a great way to improve the return on your investment.

Broadly speaking, MBA programs are extremely popular for a reason. Business administration is a gateway to countless high paying careers in the business sector. According to the Bureau of Labor Statistics, top executives are among the best paid professionals in the labor market. Top executives earned a median salary of $98,980 in 2021. While a bachelor’s degree can technically qualify someone for many roles in business, the business sector is highly competitive

Most leadership roles are held by those with an advanced business degree. And because business leaders will typically earn their master’s degree in order to compete for top roles, you may find yourself competing with many other successful MBA students for coveted roles. Attending an affordable school of business can reduce your financial burden as you work your way toward your desired leadership opportunity and pay increase.

How We Ranked the Most Affordable MBA Degree Programs

The most affordable business schools will be both highly reputable and highly cost effective. MBA rankings published by sites like U.S. News & World Report place a heavy weight on reputation surveys alongside factors like acceptance rate and graduation rate. By contrast, Academic Influence measures excellence with a unique metric called Influence.

Influence

Influence-based MBA rankings spotlight the real-world impact of a school’s students, alumni, and faculty members.

The resulting ranking does reflect some of the same outcomes as the annual U.S. News rankings. For instance, top business schools like Harvard Business School, the University of Chicago Booth School of Business, University of Pennsylvania’s Wharton School, the Columbia Business School, The Northwestern University Kellogg School of Business, and other highly prestigious business schools rank both for reputation and Influence.

The Influence metric is a more objective and transparent way of measuring actual student success. Ranking for Influence is a great starting point as you search for the best business school for you. This is because the real-world influence of your professors, classmates and fellow alumni can translate directly into value business networking opportunities.

Affordability

Affordability is based on the average cost of in-state tuition and fees for students enrolled in affiliated MBA programs.

Consider Online MBA Programs

Many online business schools offer a wide range of part time MBA programs as well as full time MBA programs with self-pacing and asynchronous distance learning opportunities. To learn more about your options, check out the best online master’s programs for MBA students.

If you prefer the more experiential learning approach that comes with a traditional on-campus business school education, read on for a look at the Most Affordable Business Schools for earning your MBA on campus...

For a deep-dive into even more ways to make graduate school as affordable as possible, check out our Guide to Affordable Degrees.

The 50 Most Affordable MBA Degree Programs

Career Outlook for Students with MBA Degree

Go to Degree Finder tool

Business Administration And Management

Degree Level: Master's

Location: The U.S. (Private Schools)
Avg. Cost of Degree*: $11,530
Avg. Expenses*: $16,731
Avg. Starting Salary*: $77,404
Avg. Salary after 4 Years*: $95,349
Avg. Cost Recoup Time**: 4 years
Job Growth: 4.86%
Number of Jobs: 11,888,900
* denotes ‘annually’
** denotes ‘at 15% of annual salary’

Career Salaries

Career	Job Growth	Avg. Salary
Chief Executives	-8.21%	$161,191
Computer and Information Systems Managers	15.41%	$134,192
Compensation and Benefits Managers	1.71%	$124,492
Purchasing Managers	4.39%	$118,521
Sales Managers	4.06%	$117,002
Human Resources Managers	5.22%	$115,604
Training and Development Managers	6.54%	$111,455
Industrial Production Managers	1.62%	$106,425
Managers, All Other	3.35%	$106,040
Fundraising Managers	5.04%	$103,968

Average Career Salaries

Bottom 10%	Median	Top 10%
$55,563	$92,094	$148,349

Promising Job Markets

State	Cost of Living	Avg. Salary
#2 New York	5% higher than average	$116,372
#3 Virginia	5% higher than average	$104,589
#4 Michigan	15% higher than average	$90,047
#5 Georgia	13% higher than average	$90,306
#6 Illinois	7% higher than average	$96,596
#7 Delaware	2% higher than average	$106,159
#8 Ohio	14% higher than average	$88,985
#9 New Jersey	13% higher than average	$116,786
#10 Alabama	13% higher than average	$89,100
#11 Missouri	16% higher than average	$86,291
#12 Texas	10% higher than average	$91,909
#13 Colorado	3% higher than average	$105,194
#14 Tennessee	14% higher than average	$86,864
#15 Minnesota	4% higher than average	$95,799
#16 Wisconsin	7% higher than average	$92,681
#17 Washington	7% higher than average	$105,360
#18 North Carolina	11% higher than average	$87,235
#19 Kansas	9% higher than average	$88,261
#20 Kentucky	14% higher than average	$82,807
#21 Indiana	11% higher than average	$85,766
#22 Pennsylvania	5% higher than average	$90,464
#23 South Carolina	8% higher than average	$87,188
#24 Louisiana	9% higher than average	$85,590
#25 Utah	4% higher than average	$90,368
#26 Oklahoma	13% higher than average	$81,069
#27 West Virginia	11% higher than average	$82,432
#28 Florida	6% higher than average	$87,100
#29 Nebraska	6% higher than average	$86,635
#30 Arizona	5% higher than average	$87,855
#31 New Mexico	7% higher than average	$84,955
#32 Arkansas	16% higher than average	$76,800
#33 Iowa	9% higher than average	$82,805
#34 South Dakota	7% higher than average	$84,133
#35 Rhode Island	20% higher than average	$108,149
#36 Connecticut	18% higher than average	$105,095
#37 Mississippi	18% higher than average	$72,688
#38 New Hampshire	13% higher than average	$98,866
#39 Maryland	18% higher than average	$102,544
#40 Massachusetts	24% higher than average	$106,805
#41 Wyoming	2% higher than average	$84,203
#42 California	26% higher than average	$107,572
#43 Montana	3% higher than average	$82,439
#44 North Dakota	average	$84,322
#45 Oregon	11% higher than average	$92,032
#46 Idaho	7% higher than average	$76,051
#47 District of Columbia	49% higher than average	$120,672
#48 Maine	9% higher than average	$85,124
#49 Alaska	23% higher than average	$95,250
#50 Vermont	13% higher than average	$87,431
#51 Nevada	5% higher than average	$79,841
#52 Hawaii	40% higher than average	$90,634

Top Industries

Industry	Avg. Salary
Chief Executives	$161,191
Computer and Information Systems Managers	$134,192
Compensation and Benefits Managers	$124,492
Purchasing Managers	$118,521
Sales Managers	$117,002
Human Resources Managers	$115,604
Training and Development Managers	$111,455
Industrial Production Managers	$106,425
Managers, All Other	$106,040
Fundraising Managers	$103,968

Data from The Bureau of Labor Statistics, The Department of Education College Scorecard, The Department of Education NCES, and The Council for Community and Economic Research.

What to Look for in Affordable Business Schools

Before choosing a school of business for your MBA, there are few factors you’ll need to consider:

Accreditation

Business school accreditation is extremely important when it comes to choosing your MBA program. Accreditation provides assurances that you are getting a quality education, receiving current course material, and gaining access to qualified faculty members. Moreover, only graduate students earning MBAs from business schools with accreditation from Department of Education-recognized accreditors will be eligible for financial aid.

Reputation

Depending on your career goals, the reputation of your MBA may be important. Earning an MBA from a highly reputable graduate school can significantly improve your chances for career advancement and a top salary. Many business leaders will carry marquee names like Stanford University and Columbia University on their MBA degrees.

Availability of Online Classes

An online MBA program can be a great way to save money. While tuition and fees are often similar, online MBA students save on campus expenses like housing, travel, and certain campus fees. Online MBA programs typically provide a pathway to the same courses in areas like business analytics, international business, business ethics, and other business fundamentals.

The online format is also a great option for MBA students who are already working professionals. The online program will often include a variety of flexible options including the part time MBA program, the evening MBA, and a wide range of asynchronous options where business professionals can work at their own pace. With this type of flexibility, the online MBA program makes it possible to balance student life and business education with real-world business challenges. Online MBA students can also save on additional expenses like housing, transportation and certain campus fees.

MBA students with an interest in taking some online courses should find out what programs and courses may be available through distance learning. Working adults pursuing their MBA may also want to determine the availability of both part time MBA programs and full time MBA programs.

Financial Aid

All prospective MBA students should fill out their Free Application For Federal Student Aid (FAFSA) every year. As an MBA student, you may or may not be eligible for federal, state-based or school based student aid. Naturally, financial aid can be a great way to make your graduate education more affordable.

While graduate students are typically not eligible for as many aid opportunities as undergraduate students, it’s important to complete your FAFSA. You may be able to offset at least some portion of the cost for your MBA.

What’s the difference between an MBA and an Executive MBA?

And if your career goals include business leadership, you might consider a specialized concentration such as the executive MBA program. The executive MBA program will typically be reserved for those who have already attained some level of leadership in their field.

For instance, the Jones Graduate School of Business at Rice University describes the executive MBA as an excellent fit for “leaders and experienced executives.”

If you are a working professional with an interest in attending business school, the executive MBA may be a good fit for you.

How to Get into an Affordable MBA Program

Test Scores

Many MBA programs will require you to submit GRE Test Scores. These can impact your chances of admission.

Undergraduate Degree

You need a bachelor’s degree from an accredited four-year program. This undergraduate degree can be in any subject. You don’t necessarily have to major in business. to pursue an MBA program.

Undergraduate GPA

The typical graduate level business administration program will include a requirement for a minimum GPA–usually 3.0.

Considering an Online MBA Program?

Graduate students looking for an affordable alternative to the traditional school of business may consider earning their online MBA degree. It is increasingly possible to complete a full time MBA program without taking on campus courses. Many online students find ways to save money in areas like housing, transportation, and certain campus fees. And while out of state students will typically pay full price, in state public university students can receive discounts on tuition and fees for choosing from online MBA programs in state.

Your online MBA program will typically include many of the same subjects, such as international business, business analytics, and emerging technology in business.

Many of the best business schools offer a full array of online courses. So if you are working to balance job responsibilities while attending business school, an online MBA program may make it possible to manage everything at one.

As with the traditional MBA, the online MBA program can prepare students for leadership opportunities and specialized roles in their organization. The online master’s program in business administration is a particularly versatile degree. And if you’re considering an executive MBA, many online programs are geared toward graduate students who have already made significant advancements in their career.

Going to online business school or online school of management makes it possible to balance your current workplace responsibilities with your graduate level coursework.

Do you have a question about this topic? Ask it here

The Most Affordable Traditional MBA Degree Programs for 2024

Key Takeaways

Why Look for the Most Affordable MBA Program?

How We Ranked the Most Affordable MBA Degree Programs

Influence

Affordability

Consider Online MBA Programs

The 50 Most Affordable MBA Degree Programs

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