Cheapest Online MBAs — No GMAT Required
Published November 28, 2023 · 4 Min Read
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In general, the more education you have, the more money you make. However, higher education is often an expensive endeavor. Fortunately, many business schools offer cheaper online MBA programs that are also more accessible.
Many of these programs do not require the GMAT, allowing you to get started on your degree rather than your test prep. While the GMAT was once a standard for business school admission, the COVID-19 pandemic changed that requirement. Today, fewer schools demand GMAT scores, or they provide waivers to qualifying applicants.
Not taking the GMAT lets you save money as well as time. The test itself costs $275 at a testing center or $300 online. Most successful test-takers spend six months studying for the exam and several more months taking all portions of it. When you do not have to take the GMAT, you can quickly assemble your application package and get an answer from your school.
Learn more about affordable online MBA programs with no GMAT requirement by using the guide below.
Is an Affordable MBA With No GMAT Degree Worth It?
Money does not have to prevent you from earning your MBA. You just need to look for a cheaper and more accessible school. Even the cheapest MBA can offer you the complete business school experience and the credentials you need to advance your career.
What do we mean by cheap? The most affordable MBAs cost less than $20,000, while the most expensive programs cost more than $150,000. Pricier degrees typically offer more extensive alumni networks and better name recognition, but are those benefits worth the extra money?
In October 2023, Payscale reported that the average professional with an MBA earned $89,000 annually. That is almost twice the median national salary, but is it enough to justify a top-dollar degree?
Only you can decide the answers. For many business professionals, the choice is clear — an MBA from an accredited school with a strong alumni network or career services office can help them earn more money and achieve their career goals.
AffordableCollegesOnline.org is an advertising-supported site. Featured or trusted partner programs and all school search, finder, or match results are for schools that compensate us. This compensation does not influence our school rankings, resource guides, or other editorially-independent information published on this site.
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Top Colleges With the Cheapest Online MBAs and No GMAT Requirement
We have compiled a list of nonprofit and for-profit institutions that offer this degree program. Use the table below to compare each school's average net price and program length.
| School | Location | Average Net Price | Program Length |
|---|---|---|---|
| University of North Carolina at Chapel Hill | Chapel Hill, North Carolina | $53,552 (in state); $71,364 (out of state) | 18-36 months |
| University of Florida | Gainesville, Florida | $26,473 (in state);
$61,260 (out of state) | 16-24 months |
| William & Mary | Williamsburg, Virginia | $34,912 | 24 months |
| University of Illinois, Urbana-Champaign | Champaign, Illinois | $23,904 | 24-60 months |
3 Schools With Affordable Online MBAs and No GMAT Requirement
University of North Carolina at Chapel Hill
UNC-Chapel Hill offers a customizable MBA with six concentrations, including entrepreneurship, finance, and data analytics and decision making. This 62-credit program requires 18-36 months to complete.
Students take courses such as strategic economics, leading and managing, and analytical tools for decision-making. UNC-Chapel Hill also allows MBA students to take elective courses from other business programs or the school of government.
The program can include on-campus or weeklong intensives in Washington, DC, along with online classes. The average UNC-Chapel Hill student has 10 years of experience, and 20% hold other advanced degrees. Graduates join the business school's 44,000 alumni.
University of Florida
UF's Warrington College of Business offers an online MBA that students can complete in one or two years. Learners on the one-year track must hold a bachelor's degree in business, while those on the two-year course can have a degree in any major.
MBA courses include corporate finance, brand management, and entrepreneurship and venture finance. Students in both tracks also complete an experiential learning requirement, which they can do online, on campus, in a simulation, in Washington DC, or through a global immersion experience.
UF students can pursue an MBA jointly with a law degree, medical doctorate, PharmD, or other approved business or information systems degree.
University of Illinois, Urbana-Champaign
Illinois provides an online MBA with no GMAT through a collaboration with Coursera, an online course developer and distributor. This program is fully customizable. Students take a core specialization, two focus areas of specialization, 12 credits of electives, and a capstone.
Each course lasts 4-8 weeks, and students can enroll in 1-4 courses every 16-week semester. Enrollees can complete their degree 100% online by selecting the live lectures they will join virtually every week and by completing other requirements.
The program offers new start dates every January, March, August, and October. Applicants need a bachelor's degree and three or more years of work experience.
Frequently Asked Questions About the Cheapest MBA Degrees With No GMAT Requirement
Is an online MBA program worth it?
An online MBA can be as valuable as one you earned on a traditional campus. Where you earn your degree and what you concentrate on can add value, but the delivery format has little, if any, impact on the value of your degree.
Are business schools getting rid of the GMAT?
Many business schools have stopped requiring the GMAT for admission. Other schools offer generous waiver options where applicants who have high GPAs or a lot of experience do not have to take the GMAT.
Can you get an MBA without taking the GMAT?
Yes, you can get an MBA without taking the GMAT. The GMAT is a standardized test that business schools traditionally used to help determine admissions. It does not count toward credits or research requirements.
How can I get a GMAT requirement waived?
Each school sets its own rules for waiving the GMAT. Some institutions do not require it at all, while others waive it for applicants with a high GPA or extensive work experience. Talk to your admissions advisor to find out your next steps.
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AffordableCollegesOnline.org is an advertising-supported site. Featured or trusted partner programs and all school search, finder, or match results are for schools that compensate us. This compensation does not influence our school rankings, resource guides, or other editorially-independent information published on this site.
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