25 Most Affordable Online MBAs in 2022

Earning an MBA can yield great returns professionally and financially. Business school graduates regularly see six-figure salaries with opportunities for sign-on bonuses and promotions. But fronting the initial cost of the degree can be challenging, with the costs of some programs totaling tens of thousands—or even hundreds of thousands—of dollars. For those seeking more inexpensive ways to earn their MBA, Fortune has compiled a list of the 25 most affordable online MBA programs. This list was compiled using data provided by schools for our Best Online MBA Programs in 2022 list. For schools that provided the cost per credit instead of the annual or total tuition, we multiplied cost per credit by the number credit hours required to graduate from that program.

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1. Louisiana Tech University

Louisiana Tech University decides admissions based on an applicant’s academic history and test scores. GMAT scores are required, but some applicants can submit GRE scores. Applicants can receive unconditional admission if they have an undergraduate GPA of at least 2.75 and a GMAT score of at least 450. Applicants don’t have to submit letters of recommendation. Last year, Louisiana Tech admitted 78% of online MBA applicants to its program, which currently enrolls 141 students. To graduate from the program, online MBA students need to complete 30 credits.

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2. University of Texas of the Permian Basin

The University of Texas of the Permian Basin requires applicants to submit a GMAT or GRE score if an applicant’s undergraduate GPA is below 2.5. Applicants also need to submit two letters of recommendation to be considered. Incoming online MBA students, on average, had an undergraduate GPA of 3.5. Last year, the University of Texas of the Permian Basin accepted 82% of applicants. Students need to complete 30 credits to graduate.

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3. Southeast Missouri State University (Harrison)

Southeast Missouri State University (Harrison) requires applicants to submit a GMAT or GRE score for admission to its online MBA program, but offers waivers. To determine admission, the university uses a formula based on GMAT scores and GPA. Applicants don’t have to submit any letters of recommendation. Last year, the public university admitted 47% of applicants to its online MBA program. Applications to Southeast Missouri State University (Harrison)’s online MBA program are due August 1. The school currently enrolls 63 online MBA students. The program’s one-year retention rate is 76.2%. Online MBA students need 33 credits to graduate.

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Best Online MBA Programs in 2022

Fortune Education is designed to be your guide to navigating this new, rich, and somewhat overwhelming world of education. April 2022 marks our second ranking of the Best Online MBA Programs, and a consecutive year of ranking more than 100 online master of business administration programs. We set out to find online MBA degree programs that both prepare distance learners for the business world and launch them into good career paths.

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1. University of North Carolina–Chapel Hill (Kenan-Flagler)

The University of North Carolina–Chapel Hill (Kenan-Flagler) requires a GMAT or GRE score for students with fewer than five years of work experience, however, the requirement can be waived in special circumstances. Incoming students had an average 674 GMAT score and a 3.24 undergraduate GPA. The acceptance rate into the public university’s online program was 57.9% last year. Kenan-Flagler currently enrolls 914 students in its online MBA program, and its one-year retention rate in 2021 was 87.4%. There are four application deadlines per year (one per quarter). Students must complete 62 credits to graduate.

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2. Indiana University–Bloomington (Kelley)

Indiana University–Bloomington (Kelley) requires either a GMAT or GRE score to be submitted with an application for its online MBA program, but waivers are available. Incoming students had an average GMAT score of 668 and a 3.41 undergraduate GPA. The acceptance rate into the public university’s online program was 35% last year. The school currently enrolls 1,738 online MBA students, and had a 98% retention rate in 2021. Prospective students need to apply by June 1 and must complete 54 credits to graduate.

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3. University of Florida (Hough)

At the University of Florida (Hough), no standardized test is required, but both GMAT and GRE scores are accepted. Two letters of recommendation are required and incoming online MBA students had an average undergraduate GPA of 3.34 and an average of nearly 7 years of work experience. The acceptance rate into the university’s online program was 45% last year, and the program had a retention rate of 92%.

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Best MBA Programs in 2021-22

Fortune Education is designed to be your guide to navigating this new, rich and somewhat overwhelming world of education. Our team of experienced editors is committed to scouring the universe of online offerings in order to rank, rate and recommend the right solutions for you and your career. In July 2021, we published our first-ever traditional MBA ranking. In total, we ranked 69 master of business administration programs.

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1. Harvard University

Harvard Business School applicants must submit either a GMAT or GRE score to be considered for admission. The school does not have preference for one test over the other. An average HBS student accepted last year had a 727 GMAT score. In 2020, HBS reported an acceptance rate of 11.5%. TOEFL scores are required for international applicants. HBS offers two application deadlines each year and currently enrolls 1,593 full-time MBA students. Two letters of recommendation are needed to apply. The median base salary for graduating MBA students is $150,000.

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2. Stanford University

Stanford Graduate School of Business requires applicants to submit either a GMAT or GRE score, and in response to COVID-19 is accepting test scores for the official online versions of the tests. The average incoming student to Stanford’s Graduate School of Business has a 733 GMAT score and a 3.8 undergraduate GPA. In 2020, Stanford GSB reported an 8.9% acceptance rate. Applications must include two recommendation letters. Stanford has three application rounds for its full-time MBA program, and currently enrolls 840 students. The median base salary for graduating MBA students is $156,000.

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3. University of Pennsylvania (Wharton)

The Wharton School of the University of Pennsylvania requires applicants to submit either a GMAT or GRE score to be considered for admission to its full-time MBA program. With a 27% acceptance rate last year, the average student had a 722 GMAT and 3.58 undergraduate GPA. Two letters of recommendation must be submitted with an application. International students are not required to submit TOEFL scores. The deadline to apply for its upcoming class is March 30, 2022. The school currently enrolls 915 full-time MBA students. Graduates earn a median base salary of $150,000.

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Best Executive MBA Programs in 2021-22

Fortune Education is designed to be your guide to navigating this new, rich and somewhat overwhelming world of education. Our team of experienced editors ranks, rates and recommends the right solutions for you and your career. In August 2021, we unveiled our third B-School ranking: Fortune’s Best Executive MBA Programs. In total, we ranked 30 EMBA programs.

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1. Northwestern University (Kellogg)

The Kellogg School of Management at Northwestern University does not require a GMAT or Executive Assessment score for most applicants, but a GMAT score is required if you did not earn a bachelor’s degree. Students come to the EMBA program with an average of 14 years of work experience. TOEFL scores are required for international applicants, but all prospective students must submit two letters of recommendation to be considered for admission. There are four application rounds each year—two per cohort start date. Cohorts begin in January and September. In 2021, 116 students graduated from Kellogg’s EMBA program.

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2. Yale University

Yale University’s School of Management requires EMBA applicants to submit a GMAT, GRE, or Executive Assessment score to be considered for admission. Yale’s average EMBA student has a 3.69 undergraduate GPA and 730 GMAT score. Ahead of the program, Yale EMBA students have, on average, 14 years of work experience and an average starting salary of $133,250. There are three application rounds in November, January, and March. International students do not need to submit TOEFL scores to be considered for admission. In 2021, there were 72 students who graduated from Yale’s EMBA program.

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3. Massachusetts Institute of Technology (Sloan)

Massachusetts Institute of Technology (Sloan) does not have testing requirements for its EMBA application, but the school recommends taking the GMAT “if you feel your school transcripts do not adequately represent your academic abilities.” The average Sloan EMBA student has a 3.48 undergraduate GPA, 730 GMAT score, and 17 years of work experience. The program requires that applicants have at least 10 years of relevant, post-undergraduate work experience to apply. International students are not required to submit TOEFL scores with an application. Deadlines for the class of 2024 have not yet been announced.

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Best Part-Time MBA Programs in 2021-22

Fortune recently unveiled our first-ever ranking of the best part-time MBA programs in the United States. These top part-time MBA degree programs not only offer top-notch curriculums and access to world-class business school professors, but they also have a track-record of seeing their alumni climb to the tops of the Fortune 500 world.

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1. University of Chicago (Booth)

The University of Chicago Booth School of Business requires part-time MBA applicants to submit an Executive Assessment, GMAT, or GRE score, and does not have preference for a specific exam. The average incoming part-time MBA student has a 677 GMAT score, a 3.38 undergraduate GPA, and more than six years of work experience. Candidates must submit two letters of recommendation with an application, and international students must submit either a TOEFL or IELTS score. During the 2020-2021 academic year, Booth enrolled more than 1,200 part-time MBA students. It offers three application rounds each year with deadlines in September, January, and April.

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2. New York University (Stern)

New York University (Stern) requires its MBA candidates to submit a GMAT score, with the average accepted student scoring a 653. The GRE is also accepted. International students must demonstrate a mastery of the English language via the TOEFL, IELTS, or the Duolingo English Test. To graduate, students must complete 60 credits, and the cost is $2,434 per credit. The average candidate has more than five years of professional work experience.

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3. University of Michigan–Ann Arbor (Ross)

The part-time MBA program at University of Michigan–Ann Arbor (Ross) strongly encourages applicants to submit either a GMAT or GRE score in order to demonstrate proficiency and readiness for the program. Applicants must also submit one letter of recommendation. The average accepted student has an undergraduate GPA of 3.4, more than six years of work experience, and a GMAT score of 671 or a GRE score of 316.

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