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Most Affordable MBA Programs 2021
MBA Programs with the Lowest Tuition Rates

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Most Affordable MBA Programs 1

For many people, finances are the only thing holding them back from starting an advanced learning program, such as pursuing a top MBA. Our 2020 ranking of the Most Affordable MBA Programs will assist students in finding the MBA that gives you the most bang for your buck. While these may be the cheapest MBA programs in regards to tuition, they hail from some of the most prestigious business schools in the country. Every affordable MBA program in this ranking list upholds the highest business accreditation standards from across the globe.

Affordable MBA Programs

With Master’s of Business Administration programs, it is particularly important to assess the quality and accreditations, as well as the price point. With this in mind, we have done the research for you and provided this list of the Top 25 Most Affordable MBA Programs in the country. All of the schools included in this ranking are AACSB accredited, well-respected, and offered at significantly less than the average cost for Master’s of Business Administration programs in the United States. All of the programs on this ranking list offer on-campus options, but many have affordable hybrid and online options as well.

Methodology

This ranking of the Most Affordable MBA programs is based 100% upon each MBA’s base tuition. Each of the cheapest MBA programs listed can be completed with a base tuition rate under $12,000. This offers students a top business education, a great MBA brand, and important networks without breaking the bank.

All MBA tuition data was taken directly from each university’s website. The ranking order is solely based upon the base tuition amount for the entirety of the MBA program, which excludes all fees, books, and travel that might be required. The Affordability Score for each program provides a snapshot of where each MBA’s cost ranks relative to others on a 100 point scale.

1

University of Massachusetts Amherst
Isenberg School of Management

The Isenberg School of Management is currently ranked #53 on U.S. News and World Report’s list of the Best Business Schools in the United States. Their MBA program is also recognized in the #1 spot for programs with the Best Salary to Debt Ratio. In this truly unique program, all accepted on-campus students are awarded a two-year MBA Fellowship that fully funds their degree. This generous fellowship includes an annual stipend, full tuition, and health insurance coverage. In addition to financial assistance, Isenberg MBA Fellows also gain priceless hands-on learning experience through solving real-world problems. As you can imagine, admissions into this well-respected program are competitive. There are four rounds of application processing starting on November 1st. Prospective students should be prepared to interview and turn in a personal statement, resume, official transcripts, two recommendation letters, and GMAT/GRE scores. Some students who meet specific criteria may be eligible for GMAT/GRE waivers.

Affordability Score
100.00

2

Augusta University
James M. Hull College of Business

Augusta University’s affordable Master’s of Business Administration is available in both on-campus and online formats. Both programs are 30 credit hours to complete. The on-campus MBA is taught by renowned faculty through evening classes each week. In comparison, the online option is delivered in a cohort format and taught completely online following the Georgia WebMBA curriculum. On-campus, students can earn their degree for significantly under half the price of the average MBA cost in the nation. A few of the courses taught within this AACSB accredited program are National & International Economics for Managers, Managerial Leadership, Management of Information Technology, and Accounting Systems for Managerial Control. Students can build their leadership skills through the Master Leadership Cohort or the Leadership Luncheon Series. Along with academic knowledge, participants can expect to improve their communication skills, ability to work in team settings, and higher-level thinking skills. In addition to traditional application requirements, this MBA does require GMAT/GRE scores and three letters of reference.

Affordability Score
93.10

3

Texas A&M University-Corpus Christi
College of Business

The affordable MBA at Texas A&M University-Corpus Christi is a great fit for students who have an undergraduate degree in business. The program is accredited by the AACSB and takes just one year to complete. Courses cover relevant topics like Software Based Business Solutions, Managerial Economics, Operations Management, and Accounting. Students can complete this well-rounded degree for less than $10,000. The admissions process is simple and only requires official transcripts, a current resume, official GMAT/GRE scores, and a 500-word essay discussing professional and personal goals. Unlike many programs, this MBA offers four entrance dates so that students can start their degree in fall, winter, or summer semesters. For students in need of financial assistance, the University offers several opportunities to earn additional funds, including College of Business specific scholarships, assistantships, fellowships, and more. The Lichenstein scholarship is awarded to five students each year. This generous scholarship gives students $2,000 towards tuition for two years and is specific to those earning their MBA.

Affordability Score
93.08

4

University of West Georgia
Richards College of Business

The Richards College of Business at the University of West Georgia offers their Master’s of Business Administration degree for well under the national average cost. This AACSB accredited MBA includes three concentration areas in Sales & Consumer Research, Business Intelligence & Cyber Security, and Digital Marketing. The core curriculum is comprehensive with classes such as Organizational Theory & Behavior, Managerial Economics, Finance, and Marketing Strategy. Graduates of the program can expect improved oral and written communication skills, the ability to lead and work in team settings, advanced ethical decision making, and the ability to integrate critical thinking skills into all areas of business. To apply, prospective students simply need to complete the online application and submit official GMAT/GRE scores, official transcripts from all universities previously attended, and a professional resume. Every year a select group of students is chosen for Graduate Assistant positions. These positions are specific to those in the MBA program. Recipients work 20 hours per week in the Richards College of Business and, in return, are paid $3,000 for each fall or spring semester they serve and $2,000 for each summer session.

Affordability Score
92.77

5

Valdosta State University
Harley Langdale, Jr. College of Business Administration

Valdosta State students have the opportunity to earn their affordable MBA on-campus or online. The on-campus option meets in the evenings once a week. The online program is exceptional and is taught by teachers from five University System of Georgia institutions. Traditional students are taught by Langdale faculty and have access to multimedia classrooms, computer labs, and other state of the art facilities. Students from both formats utilize their critical thinking skills by practicing strategic management, making ethical and legal decisions, improving written and oral communication skills, learning about diversity on a global scale, and becoming better leaders through teamwork activities. A few of the on-campus courses are Marketing Strategy, Managerial Finance, Organizational Theory and Behavior, Managerial Accounting, and Managerial Economics. Pricing for this program is very affordable at less than $10,000. In order to apply, applicants should be prepared to submit official transcripts, GMAT/GRE scores with a minimum GMAT score of 400, and a resume. Prerequisite courses for the program include Principles of Accounting I, Principles of Accounting II, Applied Business Statistics, and Financial Management.

Affordability Score
92.38

6

Louisiana Tech University
College of Business

Louisiana Tech University offers an affordable MBA program that is currently waiving its GMAT and GRE requirements for winter applicants. Louisiana Tech’s College of Business includes five unique MBA formats. Students can learn through a traditional on-campus program, Professional Online MBA, Hybrid MBA, Executive MBA, or a Concurrent Enrollment Program. Applicants who do not have undergraduate business experience will need to either enroll in five business foundations courses or complete an online Fast Track option. The Fast Track is a distance option made up of four self-paced foundations courses. Students can take up to 10 weeks to complete these courses or finish early. The traditional Master’s of Business Administration has five concentration options in Finance, Information Assistance, Innovation, Marketing, or Six Sigma. The Executive Program is another on-campus option that is also very affordable in comparison to other Executive options. Students meet every other weekend Friday-Saturday in Shreveport.

Affordability Score
92.26

7

Columbus State University
Turner College of Business

Turner College of Business students can complete their MBA for less than $10,000. This affordable program is AACSB accredited and allows students to make deep connections through smaller than average class sizes. The well-rounded curriculum places emphasis on human behavior, global business, operations, information systems, and higher-level thinking skills. Teamwork is integrated into the program, and students have many opportunities to gain awareness of the cultural, ethical, international, and diversity topics that may arise in today’s workforce. The learning environment at Columbus State is interactive. Their location in downtown Columbus, Georgia, is just 100 miles from Atlanta. Both cities make the University easily accessible to successful businesses and entrepreneurs from around the state. Students complete three semesters for a graduation date just one year after they begin. To apply, applicants will need official transcripts from all universities previously attended, a resume, two letters of recommendation, and GMAT scores.

Affordability Score
92.23

8

University of Texas Permian Basin
College of Business

The affordable MBA available at the University of Texas of the Permian Basin carries elite accreditation with the AACSB. Their dynamic MBA includes up to date classroom instruction, group projects, and many experiential learning opportunities. Students can earn concentrations in accounting or finance, as well as certificates of energy business, public health, or health systems management & policy. There is also a general MBA that includes a well-rounded course list outside of the business core. A few of the classes are Productions & Operations Management, Analytical Models for Decision Making, International Business, and Legal Environments of Business. Application requirements for the UTPB Master’s of Business Administration are a 3.0 GPA on the last 60 credit hours of undergraduate coursework, GMAT scores, and official transcripts. Once admitted, students will be evaluated for statistical literacy. Those who do not meet the requirements will be asked to complete additional coursework on this subject.

Affordability Score
92.05

9

Southern Arkansas University
David F. Rankin College of Business

Students of the Rankin College of Business can earn a very affordable MBA. This AACSB accredited program covers academic subjects like economics, finance, organizational theory, and management information systems. Important issues such as global problems, ethics, technology advancement, environmental crisis, and legal concerns are also discussed. Students have multiple ways to tailor their studies with three areas of emphasis to choose from. The Social Entrepreneurship emphasis is a great fit for those wishing to implement business-minded initiatives to achieve social aspirations. The Agricultural Business option follows the same core but with the addition of nine hours of elective agricultural business coursework. Students can also specialize in Supply Chain Management by completing nine electives credits in this area as well. Learning goals for all of the MBA programs include important skills like effective communication skills, comprehensive use of technology, ethical decision-making skills, overarching business knowledge, and the ability to use higher-level thinking strategies under many circumstances.

Affordability Score
91.48

10

Purdue University Northwest
College of Business

Purdue University Northwest’s affordable Master’s of Business Administration program is open to those from many undergraduate backgrounds. Evening classes make this degree accessible to busy working professionals. Pricing is significantly less than the national average, making this a great choice for those in search of a quality program on a budget. Purdue Northwest’s MBA carries esteemed accreditation with the AACSB. Students work through their degree on a two-year timeline with relevant course topics like Accounting for Managers, Marketing Management, Introduction to Information Technology, and Managing Behavior in Organizations. Concentrations are available in Accounting or Information Systems. MBA participants can take their learning outside the classroom through participation in honors societies and organizations such as PNW Graduate Student Organization, Finance & Accounting Club, or Beta Gamma Sigma. The campus location near Chicago leads to many unique networking opportunities. Past graduates have earned positions with top companies like G.E., IBM, and JPMorgan Chase.

Affordability Score
91.08

10

University of Nevada, Reno
College of Business

The MBA at the University of Nevada, Reno is a great value. This AACSB accredited program is less than $10,000 and includes part-time and full-time options to accommodate a variety of schedules. Students begin with a common body of knowledge that covers foundations such as Statistics for Decision Making, Financial Reporting and Analysis, Marketing Management, and Economics of the Firm. Participants then dive deeper with breadth courses that cover topics like personal branding, commercial bank management, research methods in finance, or real estate finance. Five areas of emphasis are available in Renewable Energy, Information Technology, Finance, Entrepreneurship, and Accounting. Start dates for this program are in the fall or spring semesters each year. Qualified applicants will have a minimum undergraduate GPA of 2.75, current resume, GMAT scores of 500 or higher (some exceptions apply), and a minimum of two years of work experience. Additionally, two letters of recommendation and a two-page personal statement are required.

Affordability Score
91.08

12

Henderson State University
School of Business

Students of Henderson State’s School of Business can earn their Master’s of Business Administration for less than $10,000. This AACSB accredited program is offered on-campus, online, and in a hybrid format, making it accessible for students at all stages of their educational journey. Face to face classes meet once a week for two hours on-campus in Hot Springs, Arkansas. This option is designed to be completed in two years while taking one or two courses per semester. The Henderson MBA breaks content into two distinct sections. Half of the curriculum focuses on collecting and understanding data through courses like Accounting, Finance, Economics, and Information Technology. The other parts of the program help students advance their people skills through learning about communication strategies, ways to improve leadership, organizational strategies, and more. There are eight required courses in these two areas, and then students have the ability to choose two elective classes as well.

Affordability Score
91.01

13

Southeastern Louisiana University
College of Business

The College of Business at Southeastern Louisiana University offers an AACSB accredited MBA. The curriculum covers a variety of topics that develop interpersonal skills, critical thinking, leadership capability, and the ability to process through problems analytically. Students receive one on one access to faculty and learn from classes that involve peers from diverse backgrounds. The MBA degree program holds accreditation with the prestigious AACSB and can be completed in as little as twelve months on a full-time basis for under $10,000. The MBA Society is a student-led professional organization that schedules networking opportunities, business visits, and an MBA Business Conversation Lecture series. Students can begin this comprehensive program in fall, spring, or summer. Under normal circumstances, GMAT scores are required, but due to the global pandemic, this requirement is currently being waived. An Executive MBA is also offered with starting dates at the beginning of the year. The EMBA follows a hybrid model that meets once a week on Saturdays, with the rest of the course work being completed online.

Affordability Score
90.56

14

Southeast Missouri State University
Harrison College of Business and Computing

Southeast Missouri State University offers a traditionally paced affordable MBA, as well as an accelerated option. The accelerated Master’s of Business Administration is ideal for undergraduate business majors with at least 75 credit hours of coursework completed. This format allows seniors to complete several courses towards their graduate degree plan before they graduate with their Bachelor’s degree. Those who are entering into the program without undergraduate business experience will need to complete or CLEP test out of several foundation classes such as Principles of Accounting, Microeconomics, Financial Management, and Business Statistics. The curriculum starts with several core courses that cover topics that are relevant to many facets of business. Strategic Marketing, Organizational Behavior, and Integrated Decision Information Systems are just a few of these courses. From there, participants can specialize in many high needs areas like Environmental Management, Health Administration, International Business, or Sport Management. The cost of this degree is very reasonable, and the application process is simple

Affordability Score
90.39

15

Missouri State University
College of Business

Missouri State’s MBA has affordable options that fit every schedule. Their daytime classes are great for those who are choosing to learn on a full-time basis. Part-time students can take classes in the evening or online to work around their commitments. Many students start the program with a set of six foundations courses. Transcripts will be evaluated. Some or all of these foundational classes may be waived based on previous academic experience. The business core is made up of courses such as Organizational Behavior, Marketing Management, Advanced Financial Management, and Organization Strategy & Policy. A seminar course and two electives finish up the degree plan. Undergraduate students have the opportunity to participate in the Accelerated MBA, which gives them the ability to work towards their master’s during their senior year. Graduate certificates can be earned in nearly 15 high-interest subject areas like Leadership, Management, Data Analytics, Computer Information Systems, or Tax Accounting.

Affordability Score
90.03

15

University of Illinois at Springfield
College of Business and Management

Students can complete an affordable MBA through the UIS College of Business and Management in as little as one year or by spreading the eight-week courses out according to their availability. The University of Illinois at Springfield is located in the heart of Illinois. On-campus students benefit from the University’s convenient location through many experiential learning scenarios, networking opportunities, and building strong relationships with local businesses. Core courses will meet weeknights on campus, and electives will be tailored to meet individual needs through online, hybrid, or on-campus classes. Core courses include topics in production and operations management, managerial finance, business strategy, marketing management, information technology management, organizational behavior, and management accounting. There are several graduate certificates that can be earned in addition to the MBA degree. Some of the options include Human Resource Management, Applied Finance, Business Process Management, or Entrepreneurship. Entrance requirements for the MBA include an online application and fee, all official transcripts, and a GMAT score or waiver.

Affordability Score
90.03

17

Eastern Illinois University
Lumpkin College of Business and Technology

Eastern Illinois University’s MBA reports an impressive 97% employment rate within three months of graduation. Their Master’s of Business Administration is affordable, accredited by the AACSB, and includes many hands-on learning experiences through interactive capstone projects. Students can attend on-campus classes either at the main campus in Charleston, Illinois, or Parkland Community College in nearby Champaign, Illinois. Each participant in Eastern Illinois’ MBA receives an individualized course outline that works with their specific needs. Full-time MBA students generally complete the program in three to four semesters. Part-time students generally take two courses per semester, which sets them up for graduation within two or three years. There are several unique program options, including an MBA with Accounting concentration, MBA with Applied Management, MBA with Research, MBA with Geographic Information Sciences, and Online MBA. Each program ends with a capstone project that can be done as a traditional thesis or a creative thesis.

Affordability Score
89.68

18

University of New Orleans
College of Business Administration

The affordable MBA at the University of New Orleans is designed to support students as they become leaders in both the public and private sectors of business. Students can complete this reasonably priced degree on a part-time or full-time basis. An undergraduate business degree is not required. However, those with degrees in other disciplines may need to complete foundations courses before entering into the MBA curriculum. The Business Core for this degree is well-rounded and includes a variety of classes such as Managerial Economics, Operations Management, Financial Administration, and Survey of Decision Making. Concentrations can be earned in International Business, Technology Management, Hotel-Restaurant-Tourism, Marketing, Finance, and More. The College of Business Administration also includes a well-respected Executive MBA option. Participants of the EMBA take classes on alternating weekends over a period of 15 months. Students will receive all courses, textbooks, special events, cap and gowns, and meals on class days with tuition.

Affordability Score
89.42

19

Arkansas State University
Neil Griffin College of Business

The Griffin College of Business offers an AACSB accredited Master’s of Business Administration for less than $12,000. This program places a strong value on analytical thinking skills, problem-solving, and critical thinking development. Students can choose to learn on campus or online. The curriculum begins with several required foundations courses. From there, students move into core courses and specializations. With six concentration areas to choose from, students can be prepared to enter into top fields such as Healthcare Administration, Supply Chain Management, or International Business. Many Arkansas State students choose to expand their cultural knowledge through the Global Student Leader program. Recent destinations have included Italy, France, Barcelona, and Greece. There are also various clubs and organizations to join that are beneficial for networking like Accounting/IMA Club, Black Professionals Network of Jonesboro, the Graduate Student Council, or Habitat For Humanity.

Affordability Score
88.98

20

Black Hills State University
School of Business

The MBA courses at Black Hills State University are taught through multiple teaching methods such as online/hybrid learning options, traditional lectures, study abroad opportunities, service learning projects, and internships. The BHSU Master’s of Business Administration program carries elite AACSB accreditation, includes small class sizes, and is offered with a very affordable tuition rate. Classes for the on-campus MBA program are offered in the evening at the Rapid City campus. Students typically complete this MBA degree in two years. The curriculum covers a breadth of topics like Managerial Economics, Information Technology, Marketing Management, Strategic Management, and Global Business Management. To apply, prospective students should be prepared to submit official transcripts documenting a completed Bachelor’s of Science in Business Administration or Management with a 3.0 or higher cumulative GPA. Those with Bachelor’s of Science degrees in non-business fields will need to complete 18 credits of required prerequisite business courses before they are eligible for the program.

Affordability Score
88.97

21

Clayton State University
College of Business

The Clayton State affordable Master’s of Business Administration is designed with working professionals in mind. This degree is an AACSB accredited fast-track program that takes students to graduation in as little as one year. Students work through eight-week classes that include a comprehensive business core and six concentration options. The business core is well-rounded and covers subjects such as Decision Concepts, Innovation & Design Thinking, Leadership & Organizational Behavior, and Accounting Concepts. The concentration choices available are Digital Marketing, Accounting, General Business, International Business, Supply Chain Management, or Human Resource Leadership. Programs begin each fall, spring, and summer semester, so there is always a great time to get started. Classes generally meet one night per week in the evenings in order to accommodate busy schedules. Applicants from all areas of expertise are welcome to apply. All students begin with just two foundation courses and then move straight into the program.

Affordability Score
88.95

22

Midwestern State University
Dillard College of Business Administration

Midwestern State University’s Dillard College of Business Administration offers an AACSB accredited Master’s of Business Administration at an affordable price point. This 33 hour, non-thesis program is held on-campus in Wichita Falls, Texas. Students who have an undergraduate business degree typically do not need to complete any prerequisite courses for this degree. Those who come from other fields of study are welcome but may need to participate in a six-credit leveling course in order to be prepared for the business core. A few of the core classes are Cost Analysis and Control, Current Issues in Organizational Behavior, Information Technology Management, and Managerial Economics. After the core is complete, students then choose electives or an area of concentration. The concentration options are Accountancy and Energy Management, two high-need fields of study. The Dillard MBA is very reasonably priced. In addition to this price point well below the national average, the College also offers more than $150,000 in scholarships each year.

Affordability Score
88.93

23

Wichita State University
W. Frank Barton School of Business

Wichita State students can earn an AACSB accredited Master’s of Business Administration degree for less than half the cost of other leading programs. This program is flexible and offers evening classes that work with any schedule. The campus’ location in Kansas’ largest city shapes the curriculum for this innovative MBA. The Barton School of Business has an impressive amount of connections to a wide variety of local industry leaders. These connections mean that students have unprecedented access to networking and experiential learning opportunities. These experiences allow students to begin crafting professional skills while they are still completing their degrees. The Barton MBA is designed with all students in mind. However, those who do not meet certain prerequisite requirements may need to complete several foundation courses before moving on to the business core. After the business core is complete, there are several high-interest concentration options to choose from, like Entrepreneurship & Innovation, Finance, Human Resource Management, or Business Analytics & Information Management.

Affordability Score
88.91

24

University of South Dakota
Beacom School of Business

The University of South Dakota’s Master’s of Business Administration program can be completed both online and on-campus. Pricing for this degree is very affordable and falls below $12,000. The program is AACSB accredited and is highly recognized by both U.S. News and World Report, as well as the Princeton Review. Students can complete this degree in 33 to 51 credit hours, depending on their previous completion of business foundation courses. Students can choose a thesis or non-thesis option for their degree plan. A few of the core courses that all participants take are Business & It’s Environments, Strategic Management, Managerial Accounting, and Leadership Development. After the core is completed, students then move on to specializations. There are several options, including a joint degree, two joint degrees in B.B.A/MBA Fast Track, and MBA/J.D. Concentrations are available in Business Analytics, Finance, Health Service Administration, Marketing, or Operations and Supply Chain Management.

Affordability Score
88.89

25

Indiana University Kokomo
School of Business

Students who participate in Indiana University Kokomo’s affordable Master’s of Business Administration program can expect to walk away with comprehensive business knowledge, enhanced leadership and critical thinking skills, ethical and cultural awareness education, and the ability to solve complex problems. The IU Kokomo’s student body is diverse. MBA students come from various backgrounds and current professional positions. Because of this, every interaction on campus also serves as a unique networking opportunity. All students take courses on relevant subjects like Advanced Marketing Management, Strategic Managerial Economics, Principles of Leadership & Ethics, and Business Analytics. From there, students can choose to either remain in the general program or concentrate in Accounting, Finance, or Human Resource Management. This program values all areas of expertise. But because of the curriculum’s advanced nature, those without an academic business background may need to complete a few foundation courses such as Introduction to Financial Accounting, Managing Behavior in Organizations, and Principles of Microeconomics.

Affordability Score
88.86

Are affordable MBA Programs less reputable than other programs with a higher price tag?

Some Master’s of Business Administration programs come with an instantly recognizable name and a high tuition rate. This list is not created to imply that those programs are not amazing, but to show that there are many great options for students who are on a budget. There are many MBA programs across the country that offer a high standard of academic instruction, AACSB accreditation, and affordability. You do not have to sacrifice quality and go into debt to earn your MBA and move to the next phase of your career!

What is AACSB accreditation?

AACSB is the business accreditation from the Association to Advance Collegiate Schools of Business. This business accreditation is a symbol of excellence. There are over 16,000 business schools worldwide, and fewer than five percent meet the expectations that the AACSB requires. When you are looking for an MBA to attend, this designation is a sure sign of a quality program. Lucky for you, all of the programs on this list are affordable and accredited with the AACSB.

How affordable is an affordable MBA?

Based on our research, the average tuition cost for top on-campus Master’s of Business Administration programs in the United States is around $41,000. We sifted through schools to bring you a list of programs that not only cost significantly less than the national average but are also AACSB accredited and well-respected in the business education community. The programs on this ranking range in base tuition price from $0 to $11,135. Many schools have MBA specific scholarships, grants, and internship opportunities. One school even offers a fellowship program that covers all tuition costs!

The programs included in our ranking offer a base tuition rate that is generally locked in upon admittance for most programs. It is important to note that outside of the base tuition, books, fees, room and board, and travel fees might be included in this price or extra. Every school is different, so it is important to take those costs into account as well. In fact, all of the universities listed have staff who specialize in student admissions and financial questions. They can help walk you through cost breakdowns and even financial aid options that may make your MBA experience even more affordable.

Do MBA students qualify for financial aid and scholarships?

According to Sallie Mae, there are many financial aid options available to those who plan to complete their MBA. A few of the options to consider are business school-based scholarships or grants, business association scholarships, company scholarships, and federal or state aid. Nearly all of the school’s on our list offer many in-house scholarships, fellowships, or work-study solutions. In case you missed it, the University of Massachusetts Amherst’s program covers 100% of the cost if admitted!

Outside of university-specific options, graduate students have many other options for accumulating funds towards their degree. Those who are already working professionals should check with their company’s human resource department for possible employee scholarships or reimbursement plans. These are often just a reward for continuing your education. For those who are needing to finance their degree responsibly, FAFSA is always an excellent resource. There are specific funding and finance opportunities available to graduate students just as there are for undergrads.

I already have a lot of student loans. Is getting an MBA worth more debt?

Taking into account multiple sources, the average MBA salary in 2019 ranged between $88,137 and $134,991. When you earn your degree responsibly with a low-cost but high-quality program, the benefits and potential for career advancement can significantly outweigh the initial investment. There is no guarantee that completing a Master’s of Business Administration program will immediately skyrocket your income. However, the knowledge and skills gained will always be a benefit as you continue on the path to career growth. The benefit of earning an MBA that doesn’t break the bank is that your opportunities for higher-level positions will increase with a low upfront investment cost.

What jobs can I get with an MBA?

One of the unique things about earning a Master’s of Business Administration is that the common core involved in most programs covers topics that are beneficial to all aspects of business. Things like information & technology management, organizational behavior, accounting, and marketing, build a foundation that is beneficial to any management career position. Specializations allow students to dive deeper into topics such as International Business, Supply Chain Management, Entrepreneurship, Finance, or Healthcare. This combination of overall business know-how and field-specific knowledge makes for great opportunities in a variety of business sectors. A few of the top jobs for MBA students are healthcare managers, operations research analysts, accountants, statisticians, and more.

Are there certain fields that benefit more from earning an MBA?

In general, earning a budget-conscious MBA will always be a good investment due to the emphasis placed on leadership, communication, team building, and academic knowledge that is included in all high-quality programs. However, there are definitely some fields that see a significantly higher pay raise than others after earning their Master’s of Business Administration.

According to Poets & Quants, the top five industries for salary increases are

  • Food, Beverage, & Tobacco;
  • Private Equity;
  • Consulting;
  • Investment Management;
  • and Technology, Internet, & E-commerce.

As of the projects’ research data, those in the consulting field began their careers at about $86,000. These consultants then moved to salaries of more than $132,000 after their MBA for an impressive salary increase of over 50 percent. Food, beverage, and tobacco workers started out at about $63,000 and had a note worth 65 percent increase to nearly $105,000 post MBA. Investment Managers and those in the technology, internet, and E-commerce sectors had very similar outcomes. Their pre-MBA salaries were sitting close to $85,000 and rising to just over $120,000 after MBA completion. Those in the private equity industry started out with the highest average salary at over $98,000. However, this field still sees a significant 38.25 percent rise post-MBA for an overall salary average of more than $136,000.

As you can see, an MBA is a great option for working professionals who want to further on their careers. And even more so, there are excellent reasons to pursue an affordable MBA.