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.
See our complete guide to MBAs for more information.
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...
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.
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-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 is based on the average cost of in-state tuition and fees for students enrolled in affiliated 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 following graph depicts the average salaries of Business Operations Specialists for each percentile in the U.S.
Source: U.S. BUREAU OF LABOR STATISTICS
SVG Attribution: Wikipedia
Tuition + fees
$1K
Acceptance
25%
Graduation
81%
Student body
2K
Median SAT/ACT
1290/27
Tuition + fees
$3K
Graduation
9%
Student body
<1K
Tuition + fees
$3K
Student body
<1K
Tuition + fees
$3K
Acceptance
47%
Student body
<1K
Tuition + fees
$3K
Acceptance
77%
Graduation
40%
Student body
2K
Median SAT/ACT
920/17
Tuition + fees
$3K
Acceptance
92%
Graduation
43%
Student body
7K
Median SAT/ACT
1000/19
Tuition + fees
$4K
Acceptance
59%
Student body
<1K
Tuition + fees
$4K
Graduation
11%
Student body
<1K
Tuition + fees
$4K
Acceptance
99%
Graduation
22%
Student body
7K
Tuition + fees
$4K
Acceptance
79%
Graduation
61%
Student body
11K
Median SAT/ACT
1120/22
Tuition + fees
$4K
Graduation
22%
Student body
4K
Tuition + fees
$5K
Graduation
100%
Student body
<1K
Tuition + fees
$9K
Acceptance
65%
Graduation
42%
Student body
5K
Median SAT/ACT
1015/19
Tuition + fees
$5K
Acceptance
49%
Graduation
47%
Student body
12K
Tuition + fees
$5K
Acceptance
78%
Graduation
55%
Student body
26K
Median SAT/ACT
1140/23
Tuition + fees
$5K
Acceptance
97%
Graduation
60%
Student body
10K
Median SAT/ACT
1140/24
Tuition + fees
$5K
Acceptance
50%
Graduation
50%
Student body
10K
Tuition + fees
$5K
Acceptance
5%
Graduation
81%
Student body
<1K
Tuition + fees
$5K
Student body
6K
Tuition + fees
$5K
Acceptance
98%
Graduation
32%
Student body
1K
Median SAT/ACT
916/16
Tuition + fees
$5K
Acceptance
65%
Graduation
34%
Student body
5K
Tuition + fees
$5K
Acceptance
62%
Graduation
40%
Student body
3K
Tuition + fees
$5K
Acceptance
82%
Graduation
37%
Student body
6K
Median SAT/ACT
920/18
Tuition + fees
$5K
Acceptance
100%
Graduation
24%
Student body
<1K
Tuition + fees
$5K
Acceptance
90%
Graduation
50%
Student body
10K
Tuition + fees
$5K
Acceptance
86%
Graduation
34%
Student body
3K
Median SAT/ACT
1025/20
Tuition + fees
$6K
Acceptance
97%
Graduation
36%
Student body
<1K
Tuition + fees
$6K
Acceptance
85%
Graduation
42%
Student body
5K
Tuition + fees
$6K
Acceptance
63%
Graduation
35%
Student body
6K
Tuition + fees
$6K
Graduation
38%
Student body
8K
Tuition + fees
$6K
Graduation
26%
Student body
5K
Tuition + fees
$6K
Graduation
33%
Student body
14K
Tuition + fees
$6K
Acceptance
53%
Graduation
52%
Student body
11K
Median SAT/ACT
1145/24
Tuition + fees
$6K
Acceptance
35%
Graduation
55%
Student body
8K
Median SAT/ACT
1090/22
Tuition + fees
$6K
Graduation
34%
Student body
6K
Tuition + fees
$6K
Graduation
32%
Student body
7K
Tuition + fees
$6K
Graduation
26%
Student body
10K
Tuition + fees
$6K
Acceptance
72%
Graduation
45%
Student body
3K
Tuition + fees
$6K
Student body
<1K
Tuition + fees
$6K
Acceptance
46%
Graduation
24%
Student body
3K
Median SAT/ACT
912/17
Tuition + fees
$6K
Graduation
38%
Student body
28K
Tuition + fees
$6K
Acceptance
73%
Graduation
24%
Student body
5K
Median SAT/ACT
820/16
Tuition + fees
$6K
Acceptance
81%
Graduation
46%
Student body
5K
Median SAT/ACT
965/18
Tuition + fees
$6K
Acceptance
100%
Student body
<1K
Tuition + fees
$6K
Graduation
31%
Student body
<1K
Tuition + fees
$6K
Graduation
41%
Student body
19K
Tuition + fees
$6K
Acceptance
77%
Graduation
67%
Student body
15K
Median SAT/ACT
1135/23
Before choosing a school of business for your MBA, there are few factors you’ll need to consider:
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.
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.
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.
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.
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.
Many MBA programs will require you to submit GRE Test Scores. These can impact your chances of admission.
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.
The typical graduate level business administration program will include a requirement for a minimum GPA–usually 3.0.
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.