Affordable Alternatives To An MBA

MBA Alternatives to Business School

Master of business administration programs prepare learners for leadership positions and careers as entrepreneurs. Many MBA programs take two years to complete. However, students often graduate sooner by studying online and full time. Earning an MBA from an accredited institution can lead to additional professional options and higher compensation.

However, an MBA from a top business school can cost as much as $100,000, according to Investopedia. Fortunately, learners can consider more affordable MBA alternatives to advance their career.

This guide explores affordable alternatives to an MBA, which produce similar career and financial benefits.

Is an Alt MBA a Better Choice?

MBA alternatives can be a great choice for students without the time or the financial resources to pay for a traditional MBA. One of the biggest advantages of an MBA alternative is that students can find a more cost-effective program and then enter the job market at a faster pace than a typical two year MBA. 

A survey conducted by AffordableCollegesOnline found that MBA students are concerned with having the finances needed to complete school. In the results, 18.75% (12 of 64) students answered that their biggest challenge to completing an MBA program was paying for higher education while minimizing student debt. Further responses from the survey included concerns such as, "The only challenge I have is financial support because online classes require money and time" and "Paying the tuition fees." An MBA alternative can provide students with shorter time commitments and lower tuition costs overall.

What Are Some Alternatives to Earning an MBA?

Most MBA programs include coursework in business, management, and leadership. Some programs require internship experience, which allows degree-seekers to apply classroom theories and principles to practical scenarios. The following MBA alternatives help students develop leadership and entrepreneurial skills. These credentials indicate that the holder is a knowledgeable and skilled professional.

The Mini MBA

Although mini MBA programs do not confer a degree, they provide enrollees with a foundational understanding of the field. Some mini MBA programs comprise one week of intensive informative training. Learners often focus on a specific topic, such as digital marketing or project management.

Other mini MBA programs require weekly four-hour classes that last 12-14 weeks. Mini MBAs cost less than MBA programs, and some are available online for free. Pursuing a mini MBA can help individuals decide whether to enroll in a full MBA program. 

Rutgers Business School offers a mini MBA with an emphasis on business essentials. This MBA is designed to help professionals stay up to date on business practices. Business Intensive also offers an abbreviated MBA program, with students spending six-to-ten hours per week on coursework, and an hour and a half to three hours on weekend courses. Both courses offer rates lower than traditional MBA programs.

MBA Certificate Programs

Students can often apply credits from an MBA certificate toward an MBA program or another business-related master's degree. Individuals with an MBA or a master's degree in another field can pursue an MBA certificate to focus on a specific business topic. MBA certificates cover areas such as finance, project management, accounting, and human resources. Most MBA certificates require only 9-12 months to complete.

Certificate-holders often enjoy improved career options and increased earning potential. Earning a certificate prepares individuals to pursue specialized positions in their subfield. Options for MBA certificates can be found in an online and on-campus format, with many schools offering pre- or post-MBA certificate programs. Colorado State University currently offers an Online Graduate Certificate in Business Management, which students complete in as little as two semesters. While pricing is higher for certificate programs, students can benefit from scholarships and will receive a certificate at the completion of the program.

MOOCs (Open Enrollment Online Courses)

Massive open online courses (MOOCs) are a flexible and free alternative to formal MBA programs. Students enroll only in courses that interest them and complete classes at their own pace. MOOCs also allow individuals to explore courses and decide whether to pursue the topic. Because learners can take MOOCs in an asynchronous online format, the courses rarely interfere with professional and personal responsibilities.

MOOCs are great for students working in a career field who want to expand their knowledge, or individuals apprehensive about entering a new field. Options for MOOCs include courses like Introduction to Corporate Finance, which is offered through the Wharton School of the University of Pennsylvania via Coursera. The course is free to enroll in and offers flexible start dates. Other courses are part of a longer session. The Value Chain Management Specialization offered through The University of Illinois at Urbana-Champaign via Coursera is an eight month course that prepares students for the field of chain management and provides students with a shareable certificate upon completion.

Accelerated MBA Programs

One of the most common MBA alternatives, accelerated MBA programs often follow an online asynchronous format. Many accredited colleges and universities nationwide offer these flexible programs. Most accelerated MBA programs maintain generous transfer credit policies.

Distance learners may take five-week or eight-week classes, rather than following a typical 16-week semester schedule. Students in online MBA programs may also receive credit for related professional experience. Professionals with career, family, and personal responsibilities often pursue online accelerated MBA degrees. Many accelerated MBA programs allow students to complete a full MBA in a year. While an accelerated MBA is quicker, it also has a higher cost than other alternative MBA programs. However, students graduate with an MBA degree and can enter the workforce immediately after graduating. 

MBA Student Testimonials: How an Alt MBA Can Help Students Reach Their Career Goals

The testimonials below speak to the biggest challenges that MBA graduates faced when earning their MBA. Many of the students felt that time and financial commitments, as well as balancing school and work, made it difficult to earn an MBA. Considering an MBA alternative can help students achieve their career goals with shorter time commitments and at a lower cost. 

Why Are Students Seeking an MBA?

Survey Methodology

All data was collected between 6/14/21 and 7/3/21. Respondents were fielded by Lucid LLC. All 343 respondents in the study were screened by multiple quality checks, including systems like Relevant ID, and 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 6 years. Respondents are between 21 and 78 years of age and identified as 45% Female, 54% Male, and 1% non-binary.

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

Questions and responses have been edited for brevity and clarity.