Recent college grads and young professionals often wonder whether earning a graduate degree will set them up for career success.
An MBA degree is a popular stepping stone to C-suite jobs at large corporations, and it is also an asset for budding entrepreneurs, especially for students with an undergraduate degree in a field other than business. Adding a Master’s in Business Administration degree (MBA) can be very rewarding professionally but can also be a very expensive pursuit.
Annual tuition for traditional full-time MBA students exceeded $60,000 at the top 15 ranked MBA programs in the 2020 Best Business Schools rankings, and at most of them, annual tuition costs exceeded $70,000 each year. Tuition prices are typically lower at public schools than private schools, especially for in-state students. Among the 10 highest-ranked public B-schools, the average in-state tuition for full-time MBA students was nearly $43,700 per year, according to U.S. News data.
Online MBA degrees are becoming more popular due to the ease of scheduling and convenience for busy professionals. Here are several great online MBA degree options:
- Penn State– This online MBA requires 48 hours of coursework and requires a 5-day residency on campus at the start of the program. This program is ranked #9 (tied with Auburn) and the total tuition cost is about $58k.
- Auburn University– This online program requires 39 hours (13 classes) and has an average completion time of 2.5 years for students. It is ranked #9 with a total tuition cost of about $35k.
- Washington State University- This online program requires 36 credit hours and is 100% online. Washington’s online MBA program is ranked #13, with a total tuition cost of about $30k.
- Colorado State- This online MBA requires 42 hours and can be completed in 2 years. It is ranked #51 with total tuition for the program cost of about $42k.
- Texas A&M International U requires 30 hours and is ranked #82. The total tuition is about $10k for Texas residents.