A master’s in business administration (MBA) can increase your career options and salary potential, but the degree doesn't always come cheap. Tuition and financing options can greatly influence your choice of programs. Many factors affect your total degree cost, including financial aid and the type of institution you attend.
The average yearly tuition of an MBA program is about $18,340, according to the 2020 National Postsecondary Student Aid Study (NPSAS). Many programs offer generous financial aid packages or reduced tuition rates for online students. Some employers may offer tuition reimbursement benefits that cover a portion of tuition costs.
Applying to online MBAs with no Graduate Management Admission Test (GMAT) requirements can also help you save on test preparation and exam fees. Explore the cheapest online MBAs with no GMAT requirements and find out more about top schools, tuition rates, and professional outcomes.
Popular Online MBA Programs
Learn about start dates, transferring credits, availability of financial aid, and more by contacting the universities below.
Top Affordable MBAs Without GMAT
#1 Cheapest Online MBAs: No GMAT Required
University of North Carolina at Chapel Hill
- Chapel Hill, NC
- 4 years
- Online + Campus
Opening its doors to students in 1795, UNC Chapel Hill is the nation's oldest public university. The Chapel Hill campus is considered a “Public Ivy” due to its high-quality academic programs and prestigious reputation.
UNC Kenan-Flagler Business School Online MBA
The UNC Kenan-Flagler Business School's online MBA program offers students a well-rounded business education. The program offers six concentrations: data analytics and decision-making, entrepreneurship, finance, management and leadership, marketing, and strategy and consulting. Nearly half of the degree's curriculum consists of electives, so learners can customize the program to fit their career interests.
UNC Chapel Hill's MBA is primarily online. Learners complete self-paced coursework with collaborative learning opportunities. However, two in-person summits are required. The cost of these summits is included in tuition.
UNC Kenan-Flagler provides ongoing networking opportunities for enrollees and alumni. Graduates can also receive coaching from the program's career and leadership team.
UNC Chapel Hill's Specializations
Data Analytics and Decision-Making | Entrepreneurship | Finance | Management and Leadership | Marketing | Strategy and Consulting
UNC Chapel Hill's Affordability
For the July 2022 to June 2023 academic year, the online MBA program at UNC Chapel Hill charged $125,589.06 for full program tuition. The school offers fellowships. The program also participates in the Forté Fellowship Program for women attending business school.
This program is designed to accommodate working professionals' schedules, allowing learners to continue their full-time employment while attending the program. The university reports students receive an average salary increase of 24% after graduation, signaling that the degree can offer a return on investment.
Program at a Glance
- School Type: Public
- Accreditation: SACSCOC; AACSB
- Tuition: $125,589.06/program
- Required Credits: 62 credits
- Program Length: 18-36 months
- Delivery Format: Hybrid
- Admissions
- Process: Applicants need a bachelor's degree and at least two years of professional experience. To apply, prospective students submit an online application, transcripts, two recommendations, 2-3 essays, and test scores if applicable. The program interviews applicants to help determine admission.
- Standardized Tests: GMAT or GRE required for applicants with fewer than five years of professional experience
- Cost: $150
Percent Online Enrollment
91%
Percentage of all students who are enrolled online.
Accreditation
Yes
Southern Association of Colleges and Schools Commission on Colleges
#2 Cheapest Online MBAs: No GMAT Required
University of Florida
- Gainesville, FL
- 4 years
- Online + Campus
Located in Gainesville, Florida, UF employs over 5,700 faculty members who serve the school's more than 53,000 students — one of the largest student bodies in the country.
UF Warrington College of Business Online MBA
The UF Warrington College of Business offers two online MBA programs: The one-year MBA is designed for students with an undergraduate degree in business. The two-year program is open to learners with degrees in all academic areas.
The same faculty who teach the school's in-person MBA classes also lead online MBA courses. Class sizes are capped at 65 students, which helps create opportunities for enrollees to interact individually with instructors.
The degree also requires an experiential learning component, which learners can complete online or in person. Students can also travel internationally in a global immersion experience, where they learn to adapt to the culture and business environment of a different country.
UF's Affordability
The tuition for the one-year online MBA from UF is $48,000, while tuition for the two-year program costs $58,000. Financial aid is available to students who complete the Free Application for Federal Student Aid (FAFSA).
Program at a Glance
- School Type: Public
- Accreditation: SACSCOC; AACSB
- Tuition: $48,000/program (1-year program); $58,000/program (2-year program)
- Required Credits: 32 credits (1-year program), 48 credits (2-year program)
- Program Length: 16-24 months
- Delivery Format: Online with some in-person requirements
- Admissions
- Process: To apply, prospective students complete the UF MBA pre-application form and the UF graduate school application. They also submit essays, two letters of recommendation, and official transcripts. The program interviews applicants to help determine admission.
- Minimum GPA: The program does not require a minimum GPA. However, the school reports a 3.3 average GPA for students admitted to the one-year MBA.
- Standardized Tests: GRE or GMAT (optional)
- Cost: $30
Percent Online Enrollment
92%
Percentage of all students who are enrolled online.
Accreditation
Yes
Southern Association of Colleges and Schools Commission on Colleges
#3 Cheapest Online MBAs: No GMAT Required
William & Mary
- Williamsburg, VA
- 4 years
- Online + Campus
Founded in 1693, W&M is one of the oldest higher education institutions in the U.S. The university offers degrees in an array of subjects, including law, business, and education. The university is located in Williamsburg, Virginia.
Raymond A. Mason School of Business Online MBA program
W&M's online MBA consists of twelve courses. The degree curriculum explores topics such as finance, marketing, organizational behavior, and leadership. Students can also take an additional five courses to add a certification in business analytics foundations. Learners can complete the program in two years.
The online MBA requires one in-person residency weekend. The residency includes presentations from speakers, workshops, networking opportunities, and team-building activities.
Each course takes 7.5 weeks to complete. The program offers three different start dates each year.
W&M's Affordability
Tuition is $1,365 per credit. The required one-credit residency costs an additional $600. Online MBA enrollees are eligible for loans and federal financial aid through FAFSA. The program also maintains a scholarship designated for military enrollees.
Program at a Glance
- School Type: Public
- Accreditation: SACSCOC; AACSB
- Tuition: $1,365/credit
- Required Credits: 49 credits
- Program Length: 24 months
- Delivery Format: Online with some in-person requirements
- Admissions
- Process: W&M's online application requires two personal essays, two recommendation letters, and a resume demonstrating at least two years of work experience. Prospective students submit official transcripts and pay the application fee. The program interviews applicants to help determine admission.
- Minimum GPA: The program does not require a minimum GPA. However, the school reports a 3.2 average GPA for admitted students.
- Standardized Tests: GRE or GMAT (optional)
- Cost: $100
Percent Online Enrollment
94%
Percentage of all students who are enrolled online.
Accreditation
Yes
Southern Association of Colleges and Schools Commission on Colleges
#4 Cheapest Online MBAs: No GMAT Required
University of Illinois Urbana-Champaign
- Champaign, IL
- 4 years
- Online + Campus
UIUC is a public research university located in Champaign, Illinois. The university offers almost 5,000 courses across 150 subjects. UIUC is also home to several prominent research centers.
UIUC Gies College of Business iMBA
The UIUC Gies College of Business iMBA program is offered fully online. Students learn from faculty who bring business perspectives to the classroom and maintain dedicated online office hours.
Enrollees in the iMBA tailor the degree to their career interests through specializations, electives, and capstones. The program curriculum also includes a host of core business courses.
Live synchronous classes are held each week at multiple times to accommodate students across work schedules and time zones. Students also complete asynchronous learning activities like peer review assignments, video content, and quizzes.
UIUC's Specializations
Digital Marketing | Entrepreneurship and Strategic Innovation | Global Challenges in Business | Business Analytics | Mergers and Acquisitions
UIUC's Affordability
Tuition is $320 per credit. The Gies College of Business offers a limited number of need-based scholarships to online students, which cover 70% of tuition. Application fees are currently waived.
Program at a Glance
- School Type: Public
- Accreditation: HLC; AACSB
- Tuition: $320/credit
- Required Credits: 72 credits
- Program Length: 2-3 years
- Delivery Format: 100% online (synchronous and asynchronous)
- Admissions
- Process: Prospective students fill out an online application, which requires academic records, a personal statement, two letters of reference, and a resume that shows at least three years of professional work experience.
- Minimum GPA: 3.0 GPA (recommended)
- Standardized Tests: GRE or GMAT (optional)
- Cost: None
Percent Online Enrollment
96%
Percentage of all students who are enrolled online.
Accreditation
Yes
Higher Learning Commission
How We Choose Programs
At OnlineMBA.com, we rely on reputable sources to rank the best MBA programs. We use trusted sources like the National Center for Education Statistics (NCES) and Integrated Postsecondary Education Data System (IPEDS) to find standout programs. We consider four metrics: affordability, reputation, academics, and program availability.
This list has not been updated for 2024. Visit our rankings methodology page to learn more about how we rank programs.
What Factors Into an MBA's Affordability?
Tuition is usually the main factor that affects affordability. However, several other factors can influence how much you actually pay, including financial aid offerings, location, course delivery format (online vs. in-person), and whether the school is public or private.
Tuition
Tuition rates at graduate programs vary widely depending on the program and school type (public or private). Earning an MBA from a public college is typically less expensive than an MBA from a private college. The average yearly tuition for an MBA is $11,850 at a public school compared to $22,472 at a private school, according to the 2020 NPsAS study.
Enrollment Status
Your enrollment status (full time vs. part time) directly affects how long you spend in school, which can also affect how much you pay. Part-time enrollment may give you the flexibility to work while you take classes, but you'll also increase the time it takes to complete your degree.
Location
Location can greatly affect the cost of an MBA, particularly at public colleges, where tuition rates differ based on your state residency status. In-state students typically pay a lower tuition rate than out-of-state students. At private colleges, you'll pay the same tuition rate regardless of your state residence.
Relocating for an MBA program can also create extra expenses, such as moving. You may also have to pay more for room and board if you move to a more expensive city. An online program can often help you save on expenses like relocation, commuting, and parking.
Delivery Format
The cheapest online MBAs can offer tuition advantages over on-campus programs, such as reduced in-state tuition rates for out-of-state students. An asynchronous online program can also give you the flexibility to work while you earn your degree, which can help offset tuition expenses.
If you're considering a fully online MBA program, be sure to ask about experiential learning opportunities, such as internships. Online programs may be able to connect you to internship opportunities in your own community, which can provide valuable professional experiences. Even if flexibility is your top concern, be sure to seek out programs with opportunities that can help the job market.
Financial Aid
Generally, private colleges charge higher tuition rates than public colleges. However, students may qualify for more financial aid from a private school than a public school. Ultimately, you should speak to admissions counselors from different schools to learn about their financial aid options. Shop around to see which college will provide you with the lowest net price.
For an MBA, you'll likely need to use federal or private loans to pay for tuition. Other options, like grants, don't typically apply to graduate education in business. You may also be eligible for funding through a federal work-study program, which provides part-time employment while you're in school, or through your employer.
How Can You Pay for an MBA Degree?
Scholarships are among the best options to pay for your MBA since they don’t need to be repaid. Other options include student aid from the federal government, schools, and employers.
Check out three popular MBA scholarships below, but keep in mind this list represents just a few of the many awards available to help fund your education.
Scholarships for MBA Students
Requirements: The Daughters of the American Revolution offers this scholarship for graduate students in business administration. To apply, you must be enrolled full time in an MBA program and have a minimum 3.25 GPA.
Award: $2,000
Requirements: Zonta International offers this scholarship for women pursuing business degrees, including those enrolled in MBA programs. To be considered for the award, you must apply through a local Zonta club. Chapters operate in many U.S. cities.
Award: $5,000
Requirements: The National Black MBA Association offers several scholarships through affiliate organizations and partner universities. Requirements vary, but you must be a Black student pursuing business administration to apply.
Award: Varies
Will Getting Your MBA Degree Pay Off?
Earning an MBA increases your career options, but the degree is a major investment in time and money. Even If you're considering only the cheapest online MBAs, it makes sense to research the potential return on investment (ROI at different programs.
An MBA is likely to increase your salary over a bachelor's degree alone. A 2022 Graduate Management Admission Council study reports that MBA graduates increased their average salary by 50% after earning their degree.
When researching different MBA programs and specializations, explore alumni and employment outcomes. Specializing in in-demand fields such as healthcare management or information technology can potentially help you increase your ROI after graduation.
Questions on the Cheapest Online MBA With No GMAT
Many of the cheapest online MBAs require no GMAT score. However, you may need to meet additional requirements to waive the exam, such as holding relevant work experience, an undergraduate business major, or a high undergraduate GPA.
While no specific MBA program ranks as the "cheapest," you can usually find the lowest tuition rates at public colleges. However, it also pays to explore private schools, which can sometimes offer higher amounts of financial aid.
The cheapest online MBAs can help you increase your career options and salary, making the degree a practical choice for many students interested in management. However, you should always research a program's professional development opportunities and job placement statistics before enrolling.
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