Earning an MBA degree online (or in-person) ain’t easy. And it ain’t cheap either. But the payoff can be huge.
If you’re thinking about getting your MBA degree online, this article answers some very common questions. Mainly what are the costs of getting your MBA online and whether or not it’s worth it.
What Does an Online MBA Cost?
The annual tuition for an online business degree program varies greatly. The main factors that affect costs are:
- What type of online MBA you want to get
- Which school you attend
- Is it a public or private institution?
- Do you qualify for in-state tuition?
- Are you looking to attend a for-profit or non-for-profit school?
All that said, the average cost for in-state tuition for an online MBA is around $840 per credit hour. For out-of-state students the average is around $960 per credit hour.
This adds up to an average of around $35,500 for in-state and $40,000 for out-of-state to get your business degree online. That may sound like a lot. However, it can easily cost $140,000 to get a full-time MBA when you attend the school in person. So, if you want to earn an MBA degree, doing so online can save you A LOT of money.
Getting Your MBA Degree Online vs. In-person
If you are looking to save time and money on your path to get your MBA, getting it online might be a better option. There are a lot of prestigious and well-known schools offering online programs to get an MBA.
Compared to attending school in person, you can save a lot of time attending online. Online studies also means you do not have to sacrifice your full-time job, if you are working.
Attending school in person means more expenses such as transportation, food money, housing and utility bills, and more. On the other hand, learning online can be done anywhere you are. All it requires is a laptop, a tablet and internet connection.
Is It Worth It To Get an Online MBA Degree?
We have already established that getting an MBA is not an easy feat. And before you go down this route, you have to make sure that it is worth it.
If you are planning on working in a business-related field, then the answer to this question is a resounding yes. Getting your MBA helps open a lot of doors for you in the business world.
In fact, according to the Graduate Management Admissions Council or GMAC, around 89 percent of business school alumni are employed. And around 67 percent of them are very satisfied with the progression of their career.
Plus, when it comes to salary, those with an MBA are doing pretty well. In 2018, those who graduated with MBA earned an average starting salary of $105,000.
Your MBA can also get you high-paying jobs at multinational companies and even Global Fortune 100 companies. You can also use what you have learned to become and entrepreneur and start your own business.