The Cheapest Online MBA Options with No GMAT Requirements!
Updated: June 19, 2024
Published: April 25, 2022
Traditional MBAs can quickly become expensive. That’s why many students opt for an affordable online MBA program instead. If you’re in the market to earn an MBA, we’ve compiled some of the cheapest online MBA programs available.
Some of the colleges on this list also constitute online MBA programs with no GMAT requirement, which means you can still earn your MBA without having to take the standardized test.
What is an MBA?
An MBA stands for Master’s in Business Administration. This postgraduate degree helps professionals to excel in their existing careers, change careers, earn an increased salary, or become eligible for a promotion.
MBA programs also can teach the knowledge and skills to start one’s own business or obtain leadership positions in an existing business.
MBA coursework covers a range of topics, from accounting and statistics to management and communication.
How Much Does an MBA Cost?
Tuition costs for an MBA range greatly and depends on several factors. Some of the determining factors that affect the cost of an MBA include the length of the program, the institution, residency status, and enrollment status, to name a few. That being said, MBA Today has shared that the cost of an MBA typically ranges between $55,727 and $161,810.
The high cost of an MBA has led many to look for the cheapest online MBA with no GMAT requirement instead.
Benefits of an Online Program
Before we jump into the cheapest online MBA programs, let’s consider the benefits of earning your MBA online.
Some of the most notable upsides of the online route include:
Cost-effective
Of course, you’re here because you want an affordable online MBA option. Naturally, online options are more cost-effective because you have less overhead costs and can also take the classes from anywhere you wish.
Flexible schedule
With a traditional in-person MBA, you’d be expected to be in the classroom at the scheduled time. But with an online MBA, you may be able to log on and learn whenever you want, granted the lectures are recorded.
Low barrier to entry
Typical MBA programs call for a long list of requirements to enroll, including work experience, a certain GMAT score, letters of recommendation, and a minimum GPA. Online programs make MBAs more accessible as they tend to have fewer requirements for entry (as is the case at the University of the People). Despite the lower barrier to entry, the quality of the education is not sacrificed.
Cheapest Online MBA Programs
Since you know the upsides of earning your MBA online, it’s time to take a look at some of the cheapest online MBA programs available.
1. University of the People
The University of the People is a fully online and accredited institution that provides a tuition-free online MBA. This means that there are no fees for tuition. They are, however, associated fees with earning the degree (that may be covered with financial aid or scholarships). The expected cost of earning an MBA at the University of the People is $2,940, putting it at the top of the list for an online MBA with no GMAT requirement.
2. University of California, Davis
The University of California, Davis offers a virtual campus for its online part-time MBA programs. The program has live online classes with face-to-face conversations. While the classes are hosted live, students have the opportunity to complete coursework on their own time. The program also boasts multiday and in-person experiences called residentials that take place in Napa Valley, Silicon Valley, and Davis. A GMAT score is required, along with an application, official transcript, letters of recommendation, essay, and personal statement. Here’s a look at the expected costs of the program.
3. University of Saint Mary
The online MBA at the University of Saint Mary can be completed in as little as one year and is another one of the schools that do not require a GMAT score. Students get to choose from 6 concentration options, including finance, health care management, general management, human resources management, marketing and advertising, and leadership and organizational health. The MBA is $595 per credit hour.
4. Florida International University
Florida International University (FIU) is an online MBA that doesn’t require a GMAT for individuals with at least four years of professional work experience. With eight concentration areas and three pacing tracks, students have flexibility in choosing how to pursue the degree. The tuition is roughly $11,097.
5. Grand Canyon University
Out of Phoenix, Arizona comes Grand Canyon University’s online MBA. Students can finish their degree with as little as 34 credits and the program is accredited. This is yet another MBA that does not require a GMAT, however, students must have an undergraduate degree from an accredited college and a GPA of 2.8 or higher. If those requirements aren’t met, a GMAT may suffice instead. Tuition sits at just under $11,000.
6. Columbia College
Columbia College offers online and night classes for professionals who want to boost their skills and excel in their careers. The program consists of 36 credits and provides students with opportunities to study marketing strategy, managerial analytics, information systems for management, managerial communication, and legal and ethical environment for business. Tuition is roughly $13,500.
7. University of Northwestern Ohio
Another one of the cheapest online MBA with no GMAT requirement is the University of Northwestern Ohio which requires a bachelor’s degree from an accredited university. If a student has at least a 3.0 GPA, they are guaranteed acceptance, whereas a student with a 2.5-2.99 GPA has conditional acceptance. For students with lower than 2.5 GPA, a GMAT score could be submitted instead. The program’s tuition is about $12,288.
Online MBAs Offer an Affordable Option
A simple search for the cheapest online MBA will result in many options. The above list grants you a look and understanding of what you can expect to find. As you can see, there are also many online MBA programs with no GMAT requirement in an effort to make the master’s degree more accessible.
If you’re interested in learning more about the MBA at the University of the People, explore the details here.