Most Affordable Online MBAs

According to the National Center for Education Statistics, business programs have consistently ranked as the top master's degree option since 2010. This makes sense, considering a master's in business administration (MBA) can prepare graduates for administrative and managerial roles — positions that exist in every industry.

The degree program can also help students increase their salary. For example, New York University's Leonard N. Stern School of Business reported an average salary increase of 52% for its MBA graduates.

However, each student's return on investment (ROI) varies and depends on several factors, including how much the MBA degree costs. Some MBA programs can cost well over $100,000, which lowers the ROI. The best MBA programs aren't necessarily the ones that cost the most, however.

We compiled proprietary data from a recent survey to discover the true cost of online MBAs and found that the average cost totaled around $33,000. Keep reading to learn more about affordable MBAs and which concentrations cost the least.

Survey Responses From 343 MBA Students

We surveyed 343 MBA students to learn how certain factors influence MBA cost. Our findings reveal that a student's characteristics and background may also impact the price. See our findings below.

What Type of MBA Is Most Affordable?

MBA programs provide a broad foundation for students who want to pursue diverse managerial and directorial positions. However, these roles often require industry expertise. For example, an information technology (IT) manager and a human resource director might both hold an MBA, but their daily responsibilities differ greatly.

As a result, many schools offer several MBA concentration options that help equip learners with niche skills. The list below ranks the MBA specializations from least to most expensive based on our survey data.

Information Technology

Information technology ranks as the cheapest — and one of the most popular — concentrations. Programs typically combine management concepts and core IT areas like security, information systems development, and infrastructure to prepare students for IT leadership positions.

Forty-eight of the students surveyed chose this MBA concentration and reported an average cost of $20,810. That's nearly $12,900 — or 38.2% — less than the overall average cost for all MBAs.

International Business

As many companies turn to global markets to unlock growth opportunities, they need professionals with international business expertise. An MBA in international business can prepare graduates for these roles, with classes in global marketing and accounting.

Even though some MBA programs in international business include a foreign residency requirement, the tuition still averages 30.5% (or $10,300) less than the average MBA program. Based on survey data from the 10 students who entered this program, learners can expect to pay about $23,400 for an international business concentration.

Real Estate

Students interested in real estate development, acquisition, or financial analysis might pursue an MBA concentration in real estate. Courses typically cover topics like housing markets, real estate investment strategies, and urban systems.

An MBA in real estate costs about the same as the international business concentration at just $23,500. Two of the students surveyed chose this concentration, and they paid about 30.3% — or $10,200 — less than the average MBA learner.

General MBA

This topped the list as the most sought-after choice, with 84 students completing a general MBA track. The popularity likely stems from the comprehensive curriculum that offers learners a broad skillset ideal for multiple industries — not just a niche market.

Students reported an average cost of $30,050 for a general MBA. That means learners pay about $3,650 less than average for this MBA track, making it 10.8% cheaper than the average MBA program.

Healthcare Administration

An MBA in healthcare helps prepare learners for leadership positions in a very niche field. The curriculum often dives into healthcare delivery systems, technology and operations, and insurance. Students might also explore topics like healthcare policies and economics.

Healthcare MBA tuition is closest to the overall average cost of an MBA. The seven students in this concentration reported an average price of $34,860, just $1,160 (or 3.4%) more than the total average.

Human Resources

This MBA track combines core marketing, finance, and organizational behavior topics with specialized human resources courses. Classes might include leadership communication, human resource management, and employment laws. Graduates can pursue management positions in human resources, training and development, or compensation.

Nine of the students surveyed chose an MBA in human resources, and they reported a slightly higher-than-average cost of $36,330. That is about $2,640 or 7.8% more than the average survey cost of an MBA.

Finance

An MBA in finance expands on the foundational finance courses that most MBA programs include. The classes might cover topics like business valuation, fintech, and portfolio management to prepare graduates for diverse financial leadership positions.

Finance ranks as the second-most popular MBA concentration and costs slightly more than average. The 73 students who entered this concentration reported an average cost of $36,810. That totals just $3,110 — or 9.2% — more than the survey average MBA tuition.

Entrepreneurship

MBA programs can do more than prepare students for managerial positions. With an MBA in entrepreneurship, learners can gain the skills needed to start and run their own businesses. Classes typically include entrepreneurial management, new venture finances, and franchising.

Our survey included 16 students in this specialization, and their reported tuition rates averaged $37,440. That means this concentration costs 11.1% — or $3,740 — more than the average MBA program.

Management

Nearly 70 of the students surveyed chose the MBA management track, making it another popular concentration. While a general MBA program can prepare students for managerial positions, a management concentration takes it a step further. Classes often focus on leadership, conflict resolution, and ethics.

Surveyed learners paid an average of $41,610 for an MBA in management. That's 23.5% more than the average MBA tuition, or an extra $7,910.

Marketing

An MBA in marketing can prepare students for managerial sales and advertising positions in different industries, such as finance, healthcare, or entertainment. Classes often explore consumer behavior and brand development. Learners may also dive into business analytics and supply chain management.

A marketing concentration costs slightly more than a management track and $8,640 — or 25.6% — more than the average MBA degree. The 12 students surveyed who entered this MBA program paid an average of $42,330 in tuition.

Information Security

An MBA in information security integrates digital security topics into the core management curriculum. Students might complete classes in cybersecurity, risk management, and computer forensics.

Information security ranks as the most expensive MBA concentration. Only two students surveyed entered this track, and their average tuition costs totaled $52,500. That's 55.8% more than the average cost. Students can expect to pay nearly $19,000 more than average for this concentration.

MBA Graduates Respond: Is an MBA Worth It?

Among the 343 students surveyed in the Affordable Colleges Online study, 70% (256) of students indicated that their salaries increased. However, 91% (311) of students believed their salary would increase from an MBA. When asked if respondents could go back and get their MBA again, 87% said yes. See below for some responses from MBA graduates.

Paying For Your Online MBA

Degree-seekers can cover their MBA costs in many ways, including scholarships and loans. According to our survey, students paid for their MBA in the following ways:

How to Make an MBA More Affordable

Despite rising interest rates and college expenses, students can help lower their MBA degree costs. We explain how in this section.

Frequently Asked Questions About MBA Costs

Will an MBA increase my salary?

Earning an MBA does not guarantee a raise. However, the degree may lead to a higher salary. Professionals with an MBA earn an average annual salary of $96,000, according to September 2023 Payscale data. Professionals with a bachelor's in business administration earn $78,000.

How long does it take to complete an MBA?

Full-time students can complete an MBA in two years. Learners in accelerated programs only need 12 months. Part-time degree-seekers take longer to earn an MBA. Some schools offer a 4+1 MBA program, where students can earn a bachelor's degree and an MBA in five years.

Can I complete my MBA fully online?

Yes. Many schools offer fully online programs. However, some programs include in-person components like internships or capstone projects.

What is the average cost of an MBA?

MBA costs vary. However, the average cost is about $33,700, according to the survey results.

Survey Methodology

All data was collected between June 14, 2021, and July 3, 2021. Respondents were fielded by Lucid LLC. All 343 respondents were screened by multiple quality checks, including systems like Relevant ID. Responses were manually reviewed to ensure consistency and accuracy. Survey participants include 169 currently enrolled MBA students and 174 graduates from MBA programs within the past six years. Respondents are between the ages of 21 and 78. Identifications include 45% female, 54% male, and 1% nonbinary.

Student testimonials have generally been obtained with the offer of compensation for survey completion (e.g., entrance into a gift card drawing). Such testimonials are the opinions of such students. Surveys are designed to avoid influencing such testimonials either positively or negatively. All student respondents were supplied by Lucid LLC.