A Master of Business Administration is an elite qualification for business professionals. Getting this graduate degree may act as a great leap forward in your career path. Many people are lucky enough to invest sufficient time and money to pursue a traditional full-time MBA program directly at business school campuses. However, many others are busy with their current careers and families that cannot ensure such high commitment. Thus, a lot of schools now offer Online MBA programs in order to help these students further diversify their business skill set in a convenient manner. This article will provide a big picture of an online MBA program and then guide you through top online schools for MBA in the world.
1. Online MBA programs: A quick look
Overview
An online MBA program is a distant part-time version of MBA that lasts for 2-3 years on average. It offers executive education that enhances business leadership and management of working professionals. Core knowledge revolves around accounting, finance, marketing, management, economics, and business law. Currently, there are 150 accredited online MBA programs in the market. Compared to a traditional full-time MBA program, the online version possesses differentiating features:
- Format: Online MBA programs are conducted via an online learning platform. One popular choice for business schools is the Learning Management System (LMS). In this system, instructors are able to enroll students, deliver materials, give assignments, and review submissions. Materials for online MBA programs are usually video content, podcasts, e-books, social media and apps. Sometimes, video conferencing is utilized, and notes and recordings can be saved for later review.
- Cost: On average, this program costs $23,000, ranging from $3,543 to $112,482. This cost can be funded by employers, but most of the time are paid by the candidates themselves. Candidates may earn a scholarship the schools provide to relieve this financial pressure.
Pros and Cons
Pros:
- Flexibility: For those having a busy work schedule yet still desiring to develop business skills of leadership and management, an online MBA program is an attractive way to go. It enables you to arrange learning time outside your own working time, needless to force yourself into a timetable set by someone else. By this way, you are free to speed up your study and finish an online MBA program sooner than expected. On the other hand, you are allowed to complete it in up to 5 or 6 years in total.
- Lower cost: The price of an online program for MBA is generally much lower than a full-time MBA program. It does not cost you such fees as living allowances, transportation, medical insurance, health fee, etc. Thus, you are relieved from heavy financial pressure, which is one of the main factors stressing people out when doing an MBA.
- Diversity: Diversity plays such an important role that every educational system in the world, even the most elite schools, strives to develop this characteristic. Fortunately, you can enjoy this privilege in an online MBA program. Joining an online program for MBA means entering a community of fellows from all over the world. Many programs host meet-and-greets and provide travelling opportunities for students to connect with their fellows and professors. Take this chance to learn about your classmates and strengthen your network besides your usual online conversations.
Cons:
- Lack of fulfilling experience: Not being able to attend classes on campus directly proves to be a great loss. Online program students mostly focus on the knowledge and skills that can be acquired via the internet resources, provided learning materials, and online conversations with professors and other fellows. In contrast, the offline version enables you to reach out to the community where you reside daily at all times, strengthen your connections and directly witness the learned theories to be applied in real-world situations in those developed regions. All of these valuable features are lacking in an online MBA program.
- Not highly appreciated: Except for online programs from top schools, recruiters are generally not so impressed by an online MBA degree, especially from less well-known schools and schools that have no accreditation. The main reason is that the traditional MBA program still has a premium image of a rigorous and challenging academic experience that only exceptional executives can go through.
Considering all the above advantages and disadvantages of an online MBA program, it can be seen that not everyone is suitable for this business journey. The ideal candidates are people who have at least 3 years of working experience beforehand. They are also executives who aspire to pursue an MBA but cannot afford to sacrifice much of their salary or relocate to a completely different place. Students should also have excellent time management skills in order to arrange work and study time to fit their busy schedules. Moreover, taking part in an online MBA program requires a student to be much more self-disciplined. Unlike in a traditional MBA program, instructors of an online version have little access to students’ working progress. This limitation may drive many students, despite having paid the fee, to drop out during the course for temporarily lacking motivation and concentration.
2. Best AACSB accredited online MBA schools
What is AACSB?
AACSB, or Association to Advance Collegiate Schools of Business, is one of the major accrediting organizations in the United States. Accredited schools are those having met all of its very high standards, including education, management of finances, provision of student service, etc. AACSB accreditation is synonymous with quality and reliability. It normally takes up to 7 years for a school to receive its accreditation. So far, less than 5% of all business programs worldwide have been successful.
If you are concerned about the less appreciation people have for an online MBA program as we mentioned above, choosing a top online school for MBA that has been accredited by AACSB is the best option. Below is the list of top 10 AACSB accredited online schools for MBA in the world for you to consider.
Best AACSB online MBA programs
|
Rank |
School Name |
Cost |
Duration/ Number of credits |
Acceptance rate |
Average GMAT Score |
|
1 |
IE Business School |
51,200€ |
1.5-2 years |
38% |
685 |
|
2 |
Kelley School of Business |
$1,380/credit |
54 credits |
83% |
650 |
|
3 |
University of Warwick |
$39,000 |
2 years |
57% |
661 |
|
4 |
University of Massachusetts Amherst |
$35,100 |
2-4 years |
84% |
570 |
|
5 |
University of New South Wales (Australia) |
$46,063 |
2-6 years |
N/A |
550 |
|
6 |
University of Florida |
$48,000 – $59,807 |
1-2 years |
64% |
577 |
|
7 |
George Washington University |
$2,215/ credit |
3 years 47 credits |
81% |
543 |
|
8 |
Carnegie Mellon University |
$2,187/ credit |
60 credits |
30% |
674 |
|
9 |
Arizona State University |
$1,216/credit |
49 credits |
64% |
592 |
|
10 |
University of Southern California |
$2,050/credit |
51 credits |
65% |
618 |
Source: OnlineMBA
3. Best Affordable online MBA schools
An Affordable online MBA program
Even though one of an online MBA program’s main benefits is cost-saving, it is undeniable that the average total fee may still act as a heavy financial burden for a number of people. If you are one of them, affordable online MBA programs will be your best choice.
An affordable online MBA program we recommend here should have been accredited, the first and foremost qualification for an online business program. Although unaccredited programs may be much cheaper, their degrees do not have much value and thus may cost you even more in the end for all your sacrificed time, money and efforts. Next, its cost should be lower than the mean number for all online MBA programs and financial aid options are available. Those online schools for MBA with higher profiles should be targeted since they are much more capable of offering more student financial aid with the large amount of resources they own and support from their alumni.
Best Affordable online MBA programs
|
Rank |
School Name |
Tuition per credit |
Number of credits |
Duration |
Acceptance rate |
Average GMAT Score |
|
1 |
John Brown University |
$600 |
36-45 |
2 years |
76% |
Not Required |
|
2 |
Florida Institute of Technology |
$896 |
36 |
2 years |
48% |
Not Required |
|
3 |
Milwaukee School of Engineering |
$891 |
45 |
2 years |
62% |
N/A |
|
4 |
West Virginia University |
$820 |
37 |
21 months |
94% |
600 |
|
5 |
Cedarville University |
$623 |
36 |
1-2 years |
68% |
Not Required |
|
6 |
St. Thomas University |
$515 |
36 |
12 months |
55% |
Not Required |
|
7 |
Walsh University |
$735 |
36 |
12 months |
54% |
Not Required |
|
8 |
Webster University |
$780 |
39-45 |
2 years |
67% |
Not Required |
|
9 |
Hawaii Pacific University |
$1200 |
32 |
16-20 months |
75% |
550 |
|
10 |
Bay Path University |
$855 |
36 |
1-2 years |
N/A |
Not Required |
Source: OnlineMBA
4. Best online specialized MBA programs
Why an online specialized MBA program?
In general, despite different signature features of different schools, most MBA programs commonly provide executive education with an emphasis on leadership and management, along with required courses regarding business core knowledge such as finance, accounting, economics, etc. Yet, if you are an experienced professional who has learned and practiced most of these skills for years and desire to concentrate on some specific aspects you want to improve, this is where an online specialized MBA program comes in.
An online specialized MBA program, also known as an MBA Concentration, provides students with in-depth business education in one field. This online specialized program for MBA usually requires 1 year or 18 months to complete, less than the general one. It is designed to serve the needs of those working in or passionate about a specific industry or a specific section of an organization. By focusing on one field, students can now rest assured that knowledge and skill sets obtained during this online program for MBA will not be wasted, as they are all applicable in their working field.
Best online specialized MBA programs
Below are top 5 online MBA programs specialized in 8 most popular concentrations.
|
Rank |
School Name |
Tuition per credit |
Number of credits |
Acceptance rate |
Average GMAT Score |
|
1 |
Johns Hopkins University |
$1,650 |
54 |
59% |
670 |
|
2 |
Saint Joseph’s University |
$1,075 |
33-53 |
76% |
502 |
|
3 |
Villanova University |
$1,065 |
48 |
99% |
580 |
|
4 |
Creighton University |
$955 |
33 |
85% |
555 |
|
5 |
Stevens Institute of Technology |
$1,686 |
39 |
80% |
575 |
Source: OnlineMBA
|
Rank |
School Name |
Tuition per credit |
Number of credits |
Acceptance rate |
Average GMAT Score |
|
1 |
University of Scranton |
$965 |
36 |
77% |
Not required |
|
2 |
University of St. Francis |
$875 |
27 |
96% |
Not Required |
|
3 |
Maryville University of Saint Louis |
$714 |
42 |
83% |
Not required |
|
4 |
St. Bonaventure University |
$799 |
39 |
92% |
443 |
|
5 |
Regis University |
$990 |
36 |
N/A |
Not Required |
Source: OnlineMBA
|
Rank |
School Name |
Tuition per credit |
Number of credits |
Acceptance rate |
Average GMAT Score |
|
1 |
Florida International University |
$1,000 |
42 |
56% |
Not Required |
|
2 |
University of North Carolina Wilmington |
$415 (in state) $1093 (out state) |
36 |
83% |
494 |
|
3 |
Ohio University |
$1,047 |
35 |
92% |
Not Required |
|
4 |
George Washington University |
$2,215 |
46.5 |
81% |
543 |
|
5 |
Purdue University Global |
$485 |
76 |
N/A |
633 |
Source: OnlineMBA
|
Rank |
School Name |
Tuition per credit |
Number of credits |
Acceptance rate |
Average GMAT Score |
|
1 |
Purdue University Global |
$485 |
76 |
N/A |
633 |
|
2 |
Penn State World Campus |
$1,126 |
48 |
89% |
604 |
|
3 |
University of Mary |
$550 |
36 |
74% |
Not Required |
|
4 |
Trevecca Nazarene University |
$536 |
36 |
62% |
Not Required |
|
5 |
University of Louisiana at Lafayette |
$388 |
33 |
58% |
525 |
Source: OnlineMBA
|
Rank |
School Name |
Tuition per credit |
Number of credits |
Acceptance rate |
Average GMAT Score |
|
1 |
Carnegie Mellon University |
$2,187 |
60 |
30% |
674 |
|
2 |
University of North Carolina at Chapel Hill |
$2,085 |
66 |
45% |
670 |
|
3 |
Messiah College |
$690 |
36 |
N/A |
Not Required |
|
4 |
Samford University |
$888 |
36-45 |
91% |
Not Required |
|
5 |
Santa Clara University |
$1,150 |
70 |
84% |
700 |
Source: OnlineMBA
|
Rank |
School Name |
Tuition per credit |
Number of credits |
Acceptance rate |
Average GMAT Score |
|
1 |
Norwich University |
$808 |
36 |
75% |
Not Required |
|
2 |
University of St Francis |
$875 |
27 |
96% |
Not Required |
|
3 |
DeSales University |
$855 |
36 |
77% |
Not Required |
|
4 |
Syracuse University |
$1,734 |
36 |
84% |
589 |
|
5 |
Champlain College |
$795 |
12 |
N/A |
Not Required |
Source: OnlineMBA
|
Rank |
School Name |
Tuition per credit |
Number of credits |
Acceptance rate |
Average GMAT Score |
|
1 |
Saint Joseph’s University |
$1,075 |
33-53 |
76% |
502 |
|
2 |
Villanova University |
$1,065 |
48 |
99% |
580 |
|
3 |
University of Scranton |
$965 |
36 |
77% |
Not required |
|
4 |
Azusa Pacific University |
$672 |
39-44 |
69% |
600 |
|
5 |
University of Delaware |
$950 |
44 |
71% |
550 |
Source: OnlineMBA
|
Rank |
School Name |
Tuition per credit |
Number of credits |
Acceptance rate |
Average GMAT Score |
|
1 |
Maryville University of Saint Louis |
$714 |
42 |
83% |
Not required |
|
2 |
Lewis University |
$820 |
30-39 |
58% |
Not required |
|
3 |
Parker University |
$715 |
36 |
86% |
500 |
|
4 |
University of Masachusetts – Lowell |
$575 |
42 |
73% |
525 |
|
5 |
The University of Texas at Dallas |
$480-720 |
53 |
41% |
609 |
Source: OnlineMBA
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