Cost of Online MBAs

MBA Cost at a Glance

Online MBA costs at top-ranked programs can exceed $100,000. See below for the results of our 2021 MBA Student Survey.

• An online MBA is, on average, $4,660 or 13.8% cheaper than the survey average MBA cost
• An on-campus MBA is, on average, $5,350 or 15.9% more expensive than the survey average MBA cost
• An online MBA is, on average, $10,010 or 25.6% cheaper than an on-campus MBA
• First-generation students pay an average of 10.4% more for their MBA than the survey average
• Males pay an average of 6.4% less for their MBA than the survey average
• Females pay an average 5.8% more for their MBA than the survey average
• Of the 343 surveys collected, three students identified as nonbinary/third gender and paid 23.6% more for their MBA than the survey's average

Of 343 students surveyed, the average cost for an MBA was $33,700

• Total spent on MBA: $11,558,000
• 95 students paid $5,000 or less for their MBA
• 76 students paid $50,000-$100,000 for their MBA
• 30 students paid more than $100,000 for their MBA
• Highest recorded total cost of an MBA: $250,000

How Much Does an MBA Cost?

MBA program costs vary depending on many factors. We discuss these factors in the section below. Students who want to rise as leaders in the business field or succeed as entrepreneurs can pursue an MBA. This degree covers many business disciplines, like marketing, accounting, and operation logistics.

Degree-seekers should thoughtfully budget for their MBA. Master's degree-holders graduate with an average debt of $71,287. Graduate student debt measures 142% higher than the average debt balance for all student borrowers.

Factors That Influence MBA Cost

Many factors influence how much schools charge for their degrees. Read on to learn about some of these factors.

Survey Responses From 383 MBA Students

We surveyed 383 MBA students to learn how certain factors influence MBA cost. Our findings reveal that a student's characteristics and background may also impact the price. See our findings below.

Frequently Asked Questions About MBA Costs

Will an MBA Increase My Salary?

Earning an MBA does not guarantee a raise. However, the degree may lead to a higher salary. Professionals with an MBA earn an average annual salary of $91,000, according to Jan. 2022 Payscale data. Professionals with a bachelor's in business administration earn $69,000.

How Long Does It Take to Complete an MBA?

Full-time students can complete an MBA in two years. Learners in accelerated programs only need 12 months. Part-time degree-seekers take longer to earn an MBA. Some schools offer a 4+1 MBA program, where students can earn a bachelor's degree and an MBA in five years.

Can I Complete My MBA Fully Online?

Yes. Many schools offer fully online programs. However, some programs include in-person components like internships or capstone projects.

What Is the Average Cost of an MBA?

MBA costs vary. However, the average cost is $66,300, according to EducationData.org.

Paying For Your Online MBA

Degree-seekers can cover their MBA costs in many ways, including scholarships and loans. According to our survey, students paid for their MBA in the following ways:

• 73% personally financed their MBA
• 32% received grants or financial aid
• 6% say their employer paid 100% of the cost
• 21% say their employer paid a portion of the cost
• 2% paid for their MBA in a different way

What Type of MBA is Most Affordable?

How to Make an MBA More Affordable

Despite rising interest rates and college expenses, students can help lower their MBA degree costs. We explain how in this section.

MBA Graduates Respond: Is an MBA Worth It?

Among the 343 students surveyed in the Affordable Colleges Online study, 70% (256) of students indicated that their salaries increased. However, 91% (311) of students believed their salary would increase from an MBA. When asked if respondents could go back and get their MBA again, 87% said yes. See below for some responses from MBA graduates.

MBA Resources

Survey Methodology

All data was collected between June 14, 2021 and July 3, 2021. Respondents were fielded by Lucid LLC. All 343 respondents were screened by multiple quality checks, including systems like Relevant ID. Responses were manually reviewed to ensure consistency and accuracy. Survey participants include 169 currently enrolled MBA students and 174 graduates from MBA programs within the past six years. Respondents are between the ages of 21 and 78. Identifications include 45% female, 54% male, and 1% nonbinary.

Student testimonials have generally been obtained with the offer of compensation for survey completion (e.g., entrance into a gift card drawing). Such testimonials are the opinions of such students. Surveys are designed to avoid influencing such testimonials either positively or negatively. All student respondents were supplied by Lucid LLC.

Reviewed by:

Alexandra Tapia, MBA

Alexandra has reached many populations throughout her career. She's studied recidivism, helped prior criminal offenders reintegrate into society, and built trusting relationships while working at a homeless shelter. Her passion for education also shines through her work. She taught younger children for many years, but has since turned her focus to higher education. She loves collaborating with others to be a disruptor in the education industry, creating and delivering programs that are unlike others — all while building a better future for her clients and students.

Tapia is a paid member of the Red Ventures Education freelance review network.