An online MBA isn't just a long-term investment — it can start paying off before you even graduate.
Many working professionals report earning promotions and raises before graduating. In fact, 64% of 2024 graduates of the University of Michigan Ross School of Business graduates reported receiving a promotion during their studies. This early return on investment makes online MBAs an attractive option for working professionals.
To meet this demand, a growing number of business schools are launching online MBAs geared toward adults who don't want to step away from their jobs. These programs are often more affordable than in-person options and are frequently offered in flexible, asynchronous formats that fit busy schedules.
We ranked the best online MBA programs based on factors like affordability and student outcomes to help you find the program that works best for you.
MBA Degree Highlights
Getting an MBA degree can increase your salary and career prospects.
Online MBA programs are now including more networking opportunities to help students build their professional network, even while studying remotely.
In a 2024 BestColleges survey, more than 94% of online MBA and master's students and graduates said they think earning an online degree has had or will have a positive return on investment.
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Top Online MBA Programs
Why You Should Get an MBA Degree
Increase your earning potential: Having an MBA degree is generally tied to higher earnings, with MBA graduates having a higher average salary than those with just a bachelor's degree.
Boost your career prospects: MBA programs have a particular focus on leadership skills that can help you advance into managerial positions, which the Bureau of Labor Statistics (BLS) projects will grow faster than average for all jobs from 2023 to 2033.
Specialize in a specific field: Many online MBA programs offer specializations in cybersecurity, artificial intelligence (AI), finance, accounting, marketing, and more.
Build your professional network: Online MBA programs often feature networking opportunities, such as speed networking and virtual panels, that allow you to work closely with peers and discuss real-world business challenges.
Benefits of Getting an MBA Degree Online
More than three-quarters of online MBA and master's students BestColleges surveyed said they think online learning is equal to or better than on-campus classes.
The same survey found that 97% of online MBA and master's students say they would recommend online education to others.
Online MBA programs are generally tailored to working professionals. They often feature asynchronous schedules that let you learn and complete assignments at your own pace.
How to Choose the Best Online MBA Program for You
When choosing the best MBA program for you, make sure to consider the program's cost and length. You should also take into account whether it offers courses and concentrations that fit your career goals.
Dr. Angélica S. Gutiérrez, an associate professor of management at Loyola Marymount University, says another important factor to consider is the curriculum. "If you have specific career interests," Gutiérrez says, "then it will be imperative to select an MBA program that will offer the courses necessary to develop skills that will improve your career prospects."
How Much Does an Online MBA Program Cost?
Master's in Business/Management, 2019-20
Online
$10,995 Avg. Tuition & Fees
$8,534 Avg. Net Price
In-Person
$21,974 Avg. Tuition & Fees
$15,428 Avg. Net Price
Source: NCES PowerStats
The cost of an MBA program can vary widely, but online MBA programs tend to be less expensive than in-person programs.
For example, yearly tuition and fees for an in-person MBA program are almost 100% more expensive than an online program, according to 2020 data from the National Center for Education Statistics. However, keep in mind that the school you attend can drastically change the cost of your degree.
Nationally renowned business schools, like Michigan Ross or the University of North Carolina Kenan-Flagler Business School, can charge more than six figures for their online MBA programs. On the other hand, regional schools and online-only institutions tend to be much more affordable.
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How Long Does It Take to Get an MBA?
Typical # of Credits
36 Credits
Typical Program Length
2-3 Years
MBA degrees traditionally take two years to complete, but online MBA programs can vary in terms of the time it takes to graduate.
Many online programs follow an asynchronous format, meaning you can study and complete assignments on your own schedule. This setup is ideal for working professionals who want to earn their degree without leaving their jobs. However, these part-time, asynchronous programs can take more than three years to complete.
Other online MBA programs have an accelerated format, allowing you to earn your degree in as little as a year. These programs are generally more intensive, as they condense the curriculum into shorter classes and a faster-paced schedule.
MBA Application Requirements
Letters of recommendation
GMAT or GRE (if required)
Undergraduate transcripts
Resume
Personal essays
Work experience (if required)
Accreditation for MBA Degrees
In addition to institutional accreditation, some business schools also hold programmatic accreditation. This type of accreditation is granted by third-party organizations that evaluate MBA programs based on factors such as the quality of their curriculum and student employment rates after graduation.
Attending an MBA program with programmatic accreditation is a good way to make sure you'll get value out of your degree, since accreditors evaluate faculty expertise and consider students' success after graduation.
Here are some programmatic accreditations to look for:
Association to Advance Collegiate Schools of Business (AACSB): The AACSB offers programmatic accreditation to some of the world's top academic institutions. When accrediting schools, the organization takes into account factors such as student learning and progression and faculty qualifications.
Accreditation Council for Business Schools and Programs (ACBSP): The ACBSP accredits individual MBA programs by evaluating teaching and faculty excellence, as well as student outcomes.
International Accreditation Council for Business Education (IACBE): When accreditng business schools, the IACBE emphasizes student success and outcomes, as well as a university's overall mission.
Ask an Expert: How Important Is Accreditation for MBAs?
"Accreditation for an MBA is important because it signals that the program meets quality standards and that the curriculum will provide a solid education. Some employers only recognize MBA programs with accreditation, so it is important to consider it when exploring an MBA."
What Can You Do With an MBA?
With an MBA degree, you'll learn broad business skills in areas like finance, accounting, and data analysis. These skills, along with work experience, can help you land managerial positions, such as financial or operations manager.
Many MBA graduates work in the consulting, finance, and tech industries. However, an MBA degree can bolster your resume regardless of your work sector. And it can help you pivot into a different industry if you're looking for a change.
Also, note that you may not even have to wait until graduation to start seeing a return on your investment. Some online MBA students report getting raises, new job offers, or promotions before graduating.
| Job | Median Annual Salary (May 2023) | Description |
|---|---|---|
| Management Analysts | $99,410 | Evaluate an organization to improve efficiency and boost earnings. |
| Financial Managers | $156,100 | Manage an organization's money and assist in planning and investments |
| Financial Analysts | $99,890 | Help businesses make decisions based on financial forecasts and budgets |
| General and Operations Managers | $101,280 | Oversee the day-to-day operations of a business and look for ways to improve efficiency |
Popular MBA Concentrations
Some MBA programs use the terms concentration or specialization, and this generally means that they offer a curriculum with in-depth courses around a specific business area. If you want to advance in a specific field or break into a new one, opting for one of these MBA programs can help you hone a specific skill set.
Accounting, marketing, finance, and analytics are all common MBA concentrations. Each of these concentrations can potentially improve your career opportunities in those respective fields.
Recently, several schools have also rolled out concentrations in emerging areas like cybersecurity and AI in response to student and employer demands.
Is an MBA Worth It?
An online MBA degree can help you advance your career without stepping away from the workforce.
Graduates from some online MBA programs, like the University of Michigan and the University of Illinois, report getting raises and promotions even before graduating.
Additionally, 94% of the online MBA and master's students and graduates BestColleges surveyed were optimistic about their prospects and think their degree will have a positive return on their investment.
However, an MBA isn't a guaranteed return on investment. While it's generally tied to higher earnings, that doesn't mean it's the best career move for everyone.
Before enrolling, consider a specialized degree, such as a master's in accounting, if you want to move up within a specific field. You can also pursue short-term credentials, like a mini MBA, to get a feel if it's the right path for you.
Education Beyond an MBA
There are some certifications you can earn after graduating from an MBA program.
For example, some business schools offer short-term credentials and certifications in high-demand areas like AI that can help bolster your resume. Moreover, employers have reported that they see value in short-term, stackable credentials.
If you want to focus more on research or land a job in academia, earning a doctoral degree in business administration is also an option to consider. However, note that these advanced degrees are not generally required to work in the private sector.
Frequently Asked Questions About MBAs
MBA programs teach a mix of business fundamentals and leadership skills. You'll get a broad overview of business skills like accounting, analytics, marketing, and finance. You may also have the opportunity to specialize in more technical areas, such as information technology.
