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According to the National Center for Education Statistics (NCES), an MBA is the most popular of all master’s degree programs. NCES statistics show that earned MBAs in 2022 alone, a number that continues to increase. Earning an MBA degree equips graduates with specialized knowledge and skills that may give them a competitive edge in the job market.

Many factors go into selecting the best online MBA program for a student’s needs. For many, tuition is the most important consideration, but during a school search, students may also want to research each school’s financial aid options and other student resources. Additionally, students often select a school that offers the particular concentration or elective courses they are interested in pursuing to achieve their professional goals.

Students may have a preference for how their online courses are delivered. Some programs offer hybrid course delivery, with requirements completed online and in person. Other programs are fully online. In addition, students may have a preference regarding the style of their individual courses. Synchronous classes are live, while asynchronous courses allow students to watch lectures and complete coursework on their own schedule.

Finally, accreditation is an important factor to consider. The (AACSB) accredits online MBA programs and ensures that the curriculum and faculty meet predetermined standards of excellence in higher education.

Students may wonder whether an online MBA is worth pursuing or if they will lose any advantages that graduates of traditional programs might have.

The answer is that yes, for the most part, today’s recruiters, human resource directors, and hiring managers understand that an online degree is respectable if it is from a reputable, accredited university is the equal of a traditional degree. If an online master’s in business program has been regionally accredited, it shows that the curriculum has been evaluated and proven to meet the same accepted standards for academic rigor as on-campus programs. 

It also demonstrates that courses are taught by competent, experienced instructors, and that students are reaching desired learning outcomes, such as developing specific skills and abilities relevant to the degree. Some hiring managers may even appreciate the stamina and determination that goes into earning a degree online, especially if the student maintained a full-time job in the process.

The following is a list of common core courses for an online MBA degree. Many of these can be taken either as a standalone course or as a concentration.

• Finance: Sometimes referred to as managerial finance, finance is a required course in most online MBA degree programs. Coursework focuses on the practical application of financial concepts, enabling future managers to make sound financial decisions. Topics covered include financial analysis, capital investment decisions, and the valuation of financial and real assets. 
• Financial Accounting: At the master’s degree level, students taking this course learn to interpret numbers, evaluate the financial health of an organization, and predict likely outcomes for financial decisions.
• International Business: International business provides a broad survey of key concepts such as cultural and political forces, world economics, theoretical frameworks, and government involvement in business. Some programs may offer elective courses in business law, supply chain management, cultural studies, or global operations, and may require a capstone project.
• Management Information Systems: A class in management information systems covers IT hardware and software, network administration, database administration, and telecommunications. People interested in assuming leadership roles in the field of technology may consider a concentration in this topic. 
• Marketing Management: The fundamentals of marketing are intertwined with many other facets of an organization’s operations, and this course offers students a broad overview of marketing management principles. Topics include strategic planning, buyer behavior, target markets, positioning, and pricing. 
• Operations Management: Operations management (OM) involves the systems and processes used to produce and deliver goods and services. 91³ÉÈË OM courses focus on applying concepts like data analytics, lean management, and quality management to improving an organization’s operations. 
• Organizational Behavior: Organizational behavior focuses on people, including how they interact with each other and their work environments. In general, a class on organizational behavior will look at the impact individuals, groups, and organizational structures have on human behavior in the workplace. Among the many topics covered are motivation, conflict, leadership, and change management.

The cost of an online MBA can vary widely. For the top 16 schools on our most affordable online MBAs list, the total cost of tuition for a two-year program ranges from $4,128 to $10,665. When students widen their search beyond the most affordable online schools, they'll find some online programs totaling as much as $107,000 or more.

To compare program costs, it's also helpful to consider per-credit tuition fees. In general, an MBA requires the completion of 30 semester credits (and more if the student needs to take prerequisite courses). For the most affordable online MBA programs, cost per credit ranges from $257 to $385.

Various factors are not reflected in tuition rates that students may need to consider:

• Costs of books and other supplies
• Annual and one-time-only fees charged by many schools, such as for the application, technology, and graduation fees
• Childcare, for students who have small children at home
• Interest that will need to be paid on a student loan, if that type of financing is needed
• Costs associated with on-site meetings, including transportation and accommodations, as some graduate programs require students to be on campus for orientation and/or practicums, workshops, and conferences

However, MBA students may be able to offset the cost of their online degrees in several ways. For instance, some newly admitted students may be able to obtain credits from previous work experience, military service, or other professional training. They may also demonstrate their knowledge of certain subjects on assessment exams, which can reduce the number of prerequisite and required courses needed to graduate. Some online MBA students may also qualify for scholarships, fellowships, grants, and tuition discounts. These are forms of financial assistance that don’t need to be paid back. We've provided additional information about funding an online MBA program below.

As you're considering various online MBA programs, you'll naturally want to think about the tuition fees and other costs in earning a degree. Keep in mind that students enrolled in accredited online MBA programs are eligible for financial aid. To apply, simply submit the Free Application for Federal Student Aid (FAFSA). Once your application has been processed, you'll be notified if you qualify for federal, state, or school-sponsored aid. 

Grants and scholarships are the preferred types of financial aid because they typically don't need to be repaid. Your employer may also offer some type of tuition reimbursement or other financial assistance.

Student loans are another option, but the interest can add a substantial amount to the total cost of an MBA. Before signing on the dotted line, it's helpful to take the time to pull out a calculator and determine the full cost of a loan. Also remember that federal student loans often have lower interest rates and better repayment plans than private student loans. 

Students interested in a graduate business degree can use university scholarships and private grants to help pay for their degree. The first step to apply for financial aid involves filling out the FAFSA. This form requests applicants' personal and financial information to determine how much aid they're eligible for. While the FAFSA can also be used to apply for financial aid in the form of federal loans, scholarships are often a better option as students don't have to repay them. 

Below is an example of a scholarship opportunity for individuals enrolled in or planning to enroll in an online MBA program:

• Orbis Investment Fellowship: Individuals who demonstrate a passion for investing can receive cash through this merit-based award. This scholarship is open to students regardless of their demographic background.

When considering an online MBA, financial implications are paramount. Data from a 2020 survey by the shows that newly graduated MBA holders earn about $20,000 more annually than their bachelor's-degree counterparts. Over a lifetime, this increase can significantly boost total earnings, making the degree appealing. However, the high cost of an MBA, which can sometimes be a deterrent, should be weighed carefully. 

Critics argue that the steep tuition, the saturation of MBA holders in the job market, and evolving workplace demands post-COVID-19 may diminish the degree's value. Despite these concerns, there are strategies to mitigate costs, such as selecting programs from our most affordable ranking list — which start at tuition costs of just $3,855 — or seeking funding opportunities.

Financially, the benefits of an MBA extend beyond salary increments. Specializations in areas like Healthcare Administration or Marketing can provide targeted expertise, making graduates more competitive in specific sectors. The flexibility of online programs allows working adults to maintain their jobs, ensuring continuous income and career progression while studying. Additionally, the skills acquired in an MBA program are highly valued by employers and can enhance long-term career prospects.

Ultimately, the decision to pursue an MBA depends on individual financial circumstances and career goals. For those aiming for higher management roles, the financial investment in an online MBA can be justified by the potential for increased earnings and professional growth, maintaining its popularity as the top graduate degree program.