Earning an MBA can be a worthwhile investment of both time and money, but it can also be important to candidates to find a program that has a strong return on investment. Some elite full-time MBA programs cost hundreds of thousands of dollars and take two years to complete—but earning an MBA online can reap similar benefits, often at a lower cost.
In fact, MBA graduates earn a median base salary of $115,000, according to the Graduate Management Admissions Council (GMAC). This figure applies to all MBA students, despite the modality of their study, because “schools offer the same diploma to those graduating from in-person programs as the diploma to those from online programs,” a GMAC spokesperson previously told Fortune. “Employers, therefore, do not necessarily know which programs the hired graduates are from.”
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For example, online MBA graduates from both the No. 1 and No. 3 schools on Fortune’s ranking of the best online MBA programs—Indiana University–Bloomington (Kelley) and Carnegie Mellon University (Tepper)—report earning $135,000 median base salaries, according to data reported to Fortune for its ranking of best online MBA programs. But these are two of the more expensive online MBA options, costing a respective $82,000 and $145,000 to complete.
Graduates from many online MBA programs featured on Fortune’s ranking, however, can go on to earn six-figure salaries—and without the higher price tag. In fact, graduates from the University of Kentucky (Gatton) earn $140,000 median salaries with an investment of about $35,000. MBA grads from the University of Massachusetts–Amherst (Isenberg) make median base salaries of $137,500 and spend about $36,000 on their education.
For additional examples of online MBA degrees that have high return-on-investment rates—the ratio of income to amount spent on the degree—Fortune has compiled a list of seven online MBA programs that cost less than $50,000 to complete.
Note that not all schools provide salary statistics during the reporting process, therefore, this list is not exhaustive.
1. Regent University
Fortune online MBA ranking: No. 67
Total tuition cost: $25,020
Median base salary post-graduation: $119,000
Return on investment: 375.6%
Average GMAT score: did not report
Acceptance rate: 37%
2. University of Wisconsin MBA Consortium
Fortune online MBA ranking: No. 38
Total tuition cost: $29,700
Median base salary post-graduation: $137,500
Return on investment: 362%
Average GMAT score: 630
Acceptance rate: 96%
3. Xavier University
Fortune online MBA ranking: No. 61
Total tuition cost: $34,125
Median base salary post-graduation: $105,000
Return on investment: 207.7%
Average GMAT score: does not report
Acceptance rate: 83%
4. University of Kentucky (Gatton)
Fortune online MBA ranking: No. 53
Total tuition cost: $35,864
Median base salary post-graduation: $140,000
Return on investment: 290.4%
Average GMAT score: does not report
Acceptance rate: 80%
5. University of Massachusetts—Amherst (Isenberg)
Fortune online MBA ranking: No. 10
Total tuition cost: $36,075
Median base salary post-graduation: $137,500
Return on investment: 281.2%
Average GMAT score: 641
Acceptance rate: 92%
6. University of Delaware (Lerner)
Fortune online MBA ranking: No. 49
Total tuition cost: $41,800
Median base salary post-graduation: $100,000
Return on investment: 139.2%
Average GMAT score: 569
Acceptance rate: 78%
7. Virginia Commonwealth University
Fortune online MBA ranking: No. 47
Total tuition cost: $42,000
Median base salary post-graduation: $109,000
Return on investment: 159.5%
Average GMAT score: does not report
Acceptance rate: 90%
Check out all of Fortune’s rankings of degree programs, and learn more about specific career paths.
GMAT waivers are available for the online MBA from Rice Business, ranked a Top-20 Online MBA by U.S. News & World Report. Ranked #1 in graduate entrepreneurship in the U.S. by the Princeton Review for 2024, aspiring entrepreneurs can earn their MBA in as few as 24 months.
