We understand how costly obtaining a degree can be. But, with so many possibilities for studying these days, having a degree doesn’t have to be prohibitively expensive.So, if you’re seeking for the cheapest online MBA in the world we’re here to assist you.
The same can be said for obtaining a Master of Business Administration. An MBA can be obtained in a variety of ways. You can study part-time or full-time, online or on campus. And there are advantages to each alternative. We’ll assist you in locating the lowest MBA program in the world.
What’s the average cost of an online MBA?
The cost of an online MBA varies depending on the cost per credit, the school, your focus, and accreditation. According to Study.com, the average total cost of an online MBA from a public university in 2014-2015 was $25,525. The price tags ranged from $2,000 to $96,000!
However, it can get quite costly. As a result, we completely understand the necessity to choose the best aaffordable online MBA program. Let’s start with the advantages of pursuing an MBA online.
Benefits of doing your MBA online vs the traditional way
MBAs are becoming increasingly popular and accessible. Every year, the number of online possibilities grows. In the beginning of 2018, U.S. News issued their ranking of online MBA programs, which included approximately 270 distinct online MBA schools. This is an increase over the previous year’s figure of 180..
Here are some major benefits of doing your MBA online:
- Many online MBA programs have cheaper tuition than traditional programs
- You don’t have to pay for transportation, parking, hard-copy textbooks and living expenses if you were to live on-campus
- Flexible scheduling, including self-paced curriculum
- Multiple start dates
- Mobility: You can complete the program from anywhere in the world and be able to travel
- Being able to work and advance your career while studying
- Many online MBA programs offer accelerated options where you can complete the entire program in less time, such as 18 months. On the other hand, you can take longer if you wish and complete the degree in four or five years.
If you’re still contemplating whether or not to do an MBA in general, check out this article Should I Get an MBA. It might prove helpful in your decision-making.
What’s cheaper than tuition-free?
The cost of tuition will be a big consideration if you’re looking for the cheapest online MBA. You may save thousands of dollars by finding tuition-free online classes. The University of the People offers an online MBA program that is well-known around the world.
The University of the People’s online tuition-free MBA program is now available to students all over the world, according to Fortune. It is by far one of the cheapest options in the world for an online MBA, with a fee of $2,400 for all 12 needed tests. There are a variety of scholarships available if you are unable to pay the costs.
For more information on this program and why you might want to consider it, check out our article Why Study Business Administration At UoPeople.
UoPeople isn’t the only tuition-free option. New York University also offers an online MBA program. It can be done in either two years or in 8 months during an accelerated program. Although tuition is free, there are exam fees.
Top 10 online MBAs in the world
Sadly, there aren’t nearly enough tuition-free options available. Another approach is to look for the cheapest of the finest. BusinessTech has compiled a list of the top ten online MBA programs in the globe. Schools can be found all across the world, from Spain to England to the United States. However, just one of them is much less expensive than the others. To give you an idea, the most costly school on the list is Indiana University, which costs $67,830.
The cheapest top online MBA program according to BusinessTech:
Oxford Brookes University
They provide a part-time online MBA program. They are a traditional university with a history of 150 years. And, aside from being one of the top ten online MBA programs in the world and being the cheapest of the best, this online MBA program offers much more. The school has a wide range of students. They have a diverse group of MBA students from various sectors, professions, countries, and backgrounds. It is because of this diversity that they are ranked in the top ten. It generates a rich learning environment.
- Tuition: £15,440
- Accreditation: AMBA
- Scholarships available: 8 for UK and EU students, and 14 for international students
Most affordable online MBAs in the US
There are numerous online MBA programs available in the United States. There will, of course, be some that are less expensive than the rest. We chose the top three from three main lists of affordable online MBA programs
OnlineU has created a list of the top cost-effective online MBA programs in the United States for 2019. There are 25 online programs on their list, all of which cost less than $8,000. GradSchoolHub conducted a survey of 230 accredited online MBA programs. They chose colleges that were ranked by significant magazines such as Forbes, The Princeton Review, and US News and World Report. A list can also be found on EDSmart. Based on the most recent information from the school, theirs includes the 62 most affordable online MBAs.
Here are the top three online MBA programs in the US, based on these lists:
1. Georgia Southwestern State University
The traditional four-year university offers an online MBA program that emphasizes strong principles, ethics, and service while also taking into account the diverse factors that shape today’s market. It’s also been named one of the best-value accredited online MBA programs for 2019-2020, as well as one of the top 50 cheap MBA schools.
- Tuition: $3,855 per year
- Accreditation: SACS COC
- Scholarships available:
2. Fayetteville State University
The Princeton Review named Fayetteville’s School of Business and Economics one of the top 20 Best Business Schools in the Southeast and a Best Business School. Marketing, international business, and finance are among the nine MBA concentrations available.
- Tuition: $6,488 per year
- Accreditation: AACSB
- Scholarships available: 5
3. University of Nevada
UNR is a traditional university, and according to U.S. News and World Report and the Princeton Review, their two-year online MBA program is one of the best in the country. It was also named #33 in the 2018 Best Online Programs rankings by U.S. News and World Report.
- Tuition: $5,000 per semester
- Accreditation: AACSB
- Scholarships available: 4
Cheapest MBA by accreditation
The cost of an online program is influenced by accreditation. When looking for the cheapest online MBA, it’s important to consider more than simply the price. Accreditation is significant since it signifies that a college adheres to educational guidelines. Don’t waste your time or money on an unaccredited program. The Association to Advance Collegiate Schools of Business (AACSB) and/or the Accreditation Council for Business Schools and Programs are two common accreditations for MBAs (ACBSP).
The cheapest online MBA by regional accreditation (the type of accreditation that traditional universities hold), according to GetEducated, is:
1. Eastern New Mexico University
It is the least expensive of the 355 online MBA programs examined. ENMU is a conventional university that has been around for over 80 years and is ranked #5 among Southwest four-year universities in terms of affordability. Their MBA program is available online as well as on-campus. ENMU has won numerous accolades at the state, regional, and national levels.
- Tuition: $6,389 per year
- Accreditation: ACBSP
- Scholarships available: 26
GetEducated also found the cheapest online MBA by AACSB accreditation. The cheapest is:
2. SouthEast Missouri State University
SouthEast University was founded in 1873 and is a typical university. Many firms have praised their online MBA program, which has been named among the top 50 in the country. It is regarded as one of the best business schools in the country.
- Tuition: $9,669.
- Accreditation: AACSB
- Scholarships available: 13
Most affordable MBAs in the UK
BusinessBecause came up with a list of the most affordable MBAs in the UK. Of all ten, only two of them are available as a fully online program. And the cheapest of the two is:
Nottingham Trent University
This is an English public research university. Their online MBA program is available in either a 2.5-year or an 18-month fast track format. The Nottingham Business School is unique in that it is one of only 1% of business schools globally to hold both EQUIS and AACSB accreditation. They’re obviously held to the highest standards.
Tuition: £15,440 per year
Accreditation: EQUIS and AACSB
Scholarships available: 5
Scholarships
Another approach to reduce the expense of your degree is to look for scholarships for online MBAs. Aside from the institutional scholarships offered by the school, there is also external financial assistance available.
You may find a list of available scholarships for MBA students on websites like OnlineMBAPage, Scholars4dev, and ScholarshipPositions. Scholarships are available for ethnically diverse students, women, veterans, and full-time and part-time students, among others. As a result, it may be beneficial to begin your search for an institution based on the scholarships for which you may be eligible.
Try communicating with the financial department if you already know the program you want to apply to. They might have scholarships and/or grants that you didn’t know about. And who knows, you might be pleasantly surprised. You might just get granted a scholarship and save yourself thousands of dollars! Check out our article about online scholarships which goes through the steps you need to find one.
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