Thanks to greater flexibility and often more affordability, many people who are looking to pursue a business degree are opting to go to school online. In fact, enrollment in online MBA programs has now surpassed that of full-time programs: Nearly 3% more students were enrolled in online MBA programs in the U.S. during the 2020-2021 academic year than in full-time programs, according to the Association to Advance Collegiate Schools of Business (AACSB).
While the COVID-19 pandemic accelerated this shift, online MBA programs were already growing in popularity. In fact, there was an 85% increase in accredited U.S. schools with fully online MBA programs between the 2016-17 and 2020-21 academic years, according to data from the AACSB.
Schools such as New York University Stern School of Business, the University of Tennessee–Knoxville, and the University of Dubuque each launched online programs within the last year. Even elite schools like the Wharton School of the University of Pennsylvania, announced a hybrid executive MBA program last year. Hybrid programs blend in-person and online elements.
No matter the format, many top-ranked MBA programs can carry a total price tag of $60,000 on the affordable end to up to $200,000 for top tier programs. That said, affordable options are out there, and can hold value—without the excess, says Robert King, an associate dean of graduate business programs and associate professor of marketing at West Texas A&M University. The university landed No. 29 on Fortune’s newly-published annual ranking of best online MBA programs.
“We are a small regional school, so we can never charge the $120,000-plus premium like some of the strong, high name, high brand schools,” King tells Fortune. “So we want to show that we still are a high-quality program, but at a price that’s reasonable.”
Great opportunities at larger, “name-brand” schools may happen for some MBA students, but more affordable options remain viable choices for others, King adds. “Think of it like a Toyota Corolla. It’s just a really solid car,” he adds. “It’s not nearly as expensive as Mercedes, but it’s just a different target market that we’re going for.”
Along with West Texas A&M, here are nine other online MBA programs that will cost less than $16,000 to complete.
1. Missouri State University College of Business
- Fortune online MBA ranking: No. 82
- Price per credit: $333
- Credits required to graduate: 34
- Total estimated cost of tuition: $11,322
The online MBA program at the Missouri State University College of Business will cost about $11,300 in total for both in-state and out-of-state students. No letters of recommendation nor a GMAT or GRE score are required for admission to its program. The fall 2022 acceptance rate was 100%.
2. University of Texas of the Permian Basin
- Fortune online MBA ranking: No. 83
- Price per credit: $391
- Credits required to graduate: 30
- Total estimated cost of tuition: $11,730
It costs slightly more than $11,700 to complete the 30 necessary credits to graduate from the online MBA program at the University of Texas of the Permian Basin—and that’s applicable for both in-state and out-of-state students. No GRE or GMAT score is required to apply, though applicants must submit two letters of recommendation. The 2022 acceptance rate into the program was about 99%.
3. Southeast Missouri State University (Harrison)
- Fortune online MBA ranking: No. 94
- Price per credit: $387
- Credits required to graduate: 33
- Total estimated cost of tuition: $12,771
The online MBA program at Southeast Missouri State University has a universal per-credit cost of $387, for a total price tag of nearly $12,800 for both in-state and out-of-state students. No letters of recommendation are needed to apply, though submission of a GMAT or GRE score is required for consideration into the online program. The acceptance rate into the program was 55% last year.
4. University of Louisiana–Lafayette BI Moody II College of Business Administration
- Fortune online MBA ranking: No. 54
- Price per credit: $388
- Credits required to graduate: 33
- Total estimated cost of tuition: $12,804
It costs just over $12,800 to complete the 33 necessary credits for the online MBA program at the University of Louisiana-Lafayette—and that’s the same amount for both in-state and out-of-state students. Recommendation letters are required for those applicants with an undergraduate GPA of less than 2.74, though no GMAT or GRE score is necessary to apply. The acceptance rate into the program was about 56% last year.
5. University of Southern Indiana
- Fortune online MBA ranking: No. 48
- Price per credit: $430
- Credits required to graduate: 30
- Total estimated cost of tuition: $12,900
For both in-state and out-of-state students, it will cost $12,900 to complete the online MBA program at the University of Southern Indiana. No letters of recommendation are required to apply, but applicants must provide the contact information for three professional references. A GMAT or GRE score is not needed for the application process and the program’s 2022 acceptance rate was 90%.
6. Delta State University
- Fortune online MBA ranking: No. 87
- Price per credit: $469
- Credits required to graduate: 30
- Total estimated cost of tuition: $14,070
The online MBA program at Delta State University costs slightly less than $14,100 for both in-state and out-of-state students. Applicants don’t need to submit a GMAT or GRE score, nor any letters of recommendation. The acceptance rate into the program was 91% last year.
7. West Texas A&M University
- Fortune online MBA ranking: No. 29
- Price per credit: $450; $458
- Credits required to graduate: 31
- Total estimated cost of tuition: $13,950; $14,198
The cost to complete the online MBA program at West Texas A&M University varies based on a student’s residency; tuition for in-state students is nearly $14,000, while out-of-state students will pay nearly $14,200. A GMAT or GRE score is required to apply to the program as are three letters of recommendation. The acceptance rate was nearly 89% last year.
8. University of Southern Mississippi
- Fortune online MBA ranking: No. 43
- Price per credit: $445
- Credits required to graduate: 33
- Total estimated cost of tuition: $14,685
For both in-state and out-of-state students, it will cost nearly $14,700 to complete the online MBA program at the University of Southern Mississippi. A GMAT or GRE score is indefinitely waived for all applicants and three letters of recommendation are required to complete the application. The 2022 acceptance rate was more than 87%.
9. Dakota Wesleyan University
- Fortune online MBA ranking: No. 63
- Price per credit: $425
- Credits required to graduate: 36
- Total estimated cost of tuition: $15,300
It costs $15,300 to complete Dakota Wesleyan University’s online MBA program—and that tuition is the same for both in-state and out-of-state students. Applicants don’t need to submit a GMAT or GRE score, nor letters of recommendation. The 2022 acceptance rate was 68%.
10. Shippensburg University of Pennsylvania (Grove)
- Fortune online MBA ranking: No. 88
- Price per credit: $516; $526
- Credits required to graduate: 30
- Total estimated cost of tuition: $15,480; $15,780
The cost of attending Shippensburg University of Pennsylvania’s online MBA program varies depending on a student’s residency; total tuition is nearly $15,500 for in-state students versus nearly $15,800 for out-of-state students. No GMAT or GRE score or letters of recommendation are required to apply to the program. The 2022 acceptance rate was more than 93%.
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