With prices for traditional, full-time programs skyrocketing over $250,000 at some top universities, many prospective students have turned to part-time MBA programs as a solution—due to cheaper tuition rates and the ability to continue working simultaneously.

How much you can—or are willing to—pay to take classes in the evening, on the weekend, online, or some combination of the three is a big decision and likely depends significantly on your professional and life goals.

With the best of the best part-time MBA programs top out at around $150,000–$160,000 in total tuition, pursuing the degree can still be expensive—something recognized by the program director at the University of Texas–Austin McCombs School of Business, Joe Stephens.

Tuition costs at the top 5 part-time MBA programs of 2024

While it can be challenging to pay for an MBA, he says it’s truly an investment in oneself.

“The highest ROI of any investment I’ve ever had was in myself because it’s the one investment you have a little more control over,” says Stephens, who obtained his MBA at Washington University in St. Louis (Olin). “You’re the one that’s got to get up every day and make good on that promise to yourself that, hey, I’m investing a ton of work, time, money effort into this, and make sure that you know it’s worthwhile. And there’s very few other things you can invest money in that you can control.”

How much does a part-time MBA truly cost?

The average tuition of a part-time MBA is around $70,000, according to data from Fortune’s ranking of the best programs. For comparison, the average cost per year of full-time MBA programs is around $52,000, so the typical student ends up paying six figures for their education. 

However, tuition is just the beginning: any degree program involves a variety of required costs or investments to consider, like fees and books. Plus, format and location play a major role, as it will cost more to get to campus, when necessary.

While part-time programs have typically been in-person in the evening or on weekends, the proliferation of online learning has made it easier to conduct synchronous courses online—but still on a part-time basis. Before applying to programs, it is a good idea to know the program’s typical formats as there may be a wide variety. 

According to Stephens, the programs at McCombs remain around 85–90% in-person. The school offers evening courses in Austin and weekend courses in Houston or Dallas.

The $130,000 price tag at McCombs divides out to $26,000 per each of the five semesters but includes more than just tuition and fees. It also covers the costs of digital case studies, a guest speaker series, and global residence perks—plus some lodging and meals for those in weekend MBA.

At Chicago Booth, courses are held Monday through Friday from 6 p.m. to 9 p.m. Classes are also held on Saturdays from 9 a.m. to 12 p.m. and 1:30 p.m. to 4:30 p.m. Students typically spend six hours per week in the classroom, taking two classes per quarter. After 36 months, graduation is attainable. For prospective students, transportation to and from the No. 1 best part-time MBA program—whether by plane, train, and/or car—is also something to consider.

Program add-ons

Global experiences are also optional additions to many top part-time MBA programs.

At UCLA students can attend a one-week intensive course at a partner university abroad, such as in Greece, Thailand, or Peru. While the school does not charge additional program fees, students are responsible for all travel-related expenses, such as airfare, room and board, and visas. 

Students at the University of Minnesota can engage in inter-semester global enrichment programs or even do longer immersion in countries like China, Denmark, or New Zealand.

Both of these examples are just some of the international opportunities that even part-time students can participate in during their educational journey. These add-ons are not free, though, and can rack up thousands of dollars in additional expenses. Nonetheless, study abroad scholarships may be available and many will argue that the connections made abroad can be worth it, especially for those interested in international business.

Ambitious students may also engage in additional or special coursework, like a capstone, that may lead to taking more credits than required to graduate. Keep in mind that schools by and large charge by the credit hour, so additional classes mean extra payments.

The takeaway: part-time MBAs can still be pricey—but worth it

No matter the format or school, part-time MBAs cost students thousands of dollars—but some certainly have larger price tags than others.

Depending on your goals for pursuing an MBA, having a fancy school on your resume may not matter—or it could be a priority for you. If you’re self-funding your MBA what you can afford in terms of tuition may be different than if your company offers total or partial reimbursement for coursework to offset your out-of-pocket contribution. Those with a full-time job or fellowship may also be in a better financial position than those who are without.

Scholarships are also part of the equation of any education experience, but it is important to realize that not every student will get access to funding. 

At John Hopkins University (Carey), the way a student chooses to cover tuition usually informs how quickly they can move through the program, D. Jill Green, senior associate dean at the school previously told Fortune. If your company covers a certain amount per quarter and you’re relying solely on that reimbursement, the degree may take more time than if you’re able to cover a few credits in addition. 

Loans are, of course, a path to consider, too. It all just depends on your salary and what you can and are willing to comfortably cover as your salary and career advances post-degree.

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Frequently asked questions

Is a part-time MBA worth the cost?

A part-time MBA can be worth the cost, especially since they are generally cheaper than full-time programs, and students can continue working at the same time. 

What are the downsides of a part-time MBA?

The downsides of a part-time MBA include the tuition costs as well as the balancing act needed to study, work, and take care of home life all at the same time. For motivated candidates, the experience can be worth the reward of career progression and higher salaries.

Will a part-time MBA increase my salary?

Yes, those with an MBA degree generally earn higher salaries than those who do not. According to GMAC, the expected salary for MBA graduates is $120,000.

How much is an NYU part-time MBA?

A part-time MBA at NYU (Stern) costs about $170,000 in tuition alone ($2,838 per credit, for a total of 60 credits).

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See how the schools you’re considering landed in Fortune’s rankings of the best part-time, executive, full-time, and online MBA programs.

Nicole Gull McElroy contributed to this piece.