Best Online MBA University Programs in 2022

An Online MBA university program is a great way to enter a promising career. Here, we outline the top online programs available.

Why Get an Online MBA?

Earning an Online MBA university may lead to higher pay. According to the Bureau of Labor Statistics (BLS), master’s degree-holders earn a $1,545 median weekly income. Comparatively, people with a just bachelor’s degree earn a median weekly income of $1,305.

Often, employers require at least an MBA for top-paying leadership positions. An MBA degree also gives graduates the option to earn a doctorate later.

Students can achieve educational goals without sacrificing their current work availability. Asynchronous Online MBA university programs let students complete work outside of traditional business hours.

online mba university program

How Much Does an Online MBA University Cost?

Several factors influence the cost for students doing MBA programs online. Public universities often charge less than private institutions. NCES found graduate learners at public colleges paid $12,410 for tuition and fees in 2019-2020, on average. During the same timeframe, private school graduate students paid $26,597.

Many schools charge different rates for in-state and out-of-state tuition. However, some online programs charge the same amount, no matter students’ residency. Contact a school’s admissions department directly to discover the exact cost.

In the next section, we break down the specific fees in a college budget.

Additional Online Student Fees

To succeed in Online MBA university programs, learners need a fast, reliable internet connection and a laptop. Some programs require specific software. Additionally, many online programs charge a virtual classroom platform fee.

Graduate students must also pay for books. Learners save money by purchasing used books, renting books, or opting for digital versions. Some schools charge graduation fees for supplies like caps, gowns, and diploma covers.

Learners should consider earning optional certifications to improve their resumes. These certifications often charge a fee. For example, becoming a certified Financial Risk Manager costs $950.

How Much Do MBA Online Majors Make?

MBA degree-holders earn different salaries depending on years of experience, location, employer, and position. Payscale offers information on the average income for these individuals. According to Dec. 2021 data, professionals with an MBA earn an average salary of $91,000.

According to the BLS, the median income for all business and financial occupations is $72,250. The organization projects employment in these fields to grow 8% in 2020-2030, about as fast as the average projected growth rate for all U.S. occupations. In a later section, we discuss different careers’ salary potential.

Courses in an Online MBA Program

During Online MBA university programs, learners develop hard and soft skills. They learn accounting basics, like how to balance a budget. Classes help enrollees practice strategic thinking and interpersonal communication. Exact class offerings vary by program and concentration. Common MBA concentrations include marketing, finance, economics, and strategic management.

Online MBA university programs generally require 36 credits. Full-time students typically complete four, three-credit classes each semester. In this section, we identify three common classes students take when pursuing MBA programs online.

  • Strategic Planning
    Learners discover how to use company data to create plans that reach specific goals. Students practice allocating resources and delegating tasks. The coursework covers different approaches to planning. The class examines how strategic plans differ between company departments.
  • Business Law and Ethics
    The class covers modern laws that impact the business field. Learners examine Supreme Court rulings that led to these laws. Students read through case studies about ethical business dilemmas and discuss the implications. The class also identifies alternative dispute resolution and ethic evaluation frameworks.
  • Capstone or Thesis
    Most Online MBA university degrees require a capstone or thesis. A thesis aims to fill industry knowledge gaps through a research paper. A capstone aims to solve a practical business problem through a hands-on project or shorter research paper. Capstones usually require a teamwork component. Students complete a thesis on an individual basis.

The Cost of MBA Online Programs

Online MBA programs pave the way for countless business jobs. Graduates can rise as leaders at Fortune 500 Companies or become successful entrepreneurs and open their own businesses.

An Online MBA university degree covers many business topics. Students learn baseline information about accounting, marketing, and supply and demand. Programs prepare them to communicate with company directors. Many MBA programs online let students select a concentration in a niche subject.

In this guide, we discuss the additional benefits of earning an MBA degree online. Keep reading to learn about common classes and career and salary outlook for this degree.

Frequently Asked Questions

Is an Online MBA university worth it?

Thousands of business professionals have improved their career trajectory and salary by completing an Online MBA University. Since online MBA students are typically working full-time, they also get to apply their lessons directly and immediately to their workplace.

Will an online MBA increase my salary?

At $115,000, the median salary of new MBA grads is 77% higher than that of people with a bachelor’s degree alone, according to the Graduate Management Admission Council’s 2021 corporate recruiters survey. At $145,000, the median salary of MBAs in the consulting industry is twice that of bachelor’s degree holders.

What do the best online MBA programs have in common?

The best programs typically attract the best students. The top 10 schools in this year’s Fortune ranking admitted students with both higher average undergraduate GPAs and higher GMAT scores than those students who were admitted to the broader group of online MBA programs.

How much does an online MBA cost?

The cost of an online MBA can vary from $10,000 to upwards of $100,000. The good news? Since many online MBAs are designed to be completed while working, students don’t have to forgo a salary while pursuing their education.

Do employers value an online MBA?

Companies see the same value in an MBA degree, no matter how the student attended class, according to Mark Johnson, associate dean of MBA programs at Wake Forest University School of Business. Instead, salary prospects depend more on the quality of the institution.

Is an online MBA valuable?

In 2021, 91% of employers planned to hire MBA grads, according to the Graduate Management Admission Council. For many of those employers, it didn’t matter what format the master’s of business administration degree was obtained.

Does Stanford offer an online MBA?

Stanford Graduate School of Business does not offer an online MBA program. However, Stanford does offer LEAD—an online general management certificate that can be completed in one year.

Does Harvard offer an online MBA?

Harvard Business School does not offer an online MBA program. However, Harvard Business School Online does have several online-only courses and certificates. That includes a financial accounting course priced at $1,600.

Online MBA versus traditional MBA?

While online MBA programs allow for more flexibility in students’ schedules, traditional full-time programs offer students more personalized coursework and the opportunity to take full advantage of internships, networking, and other career resources. Traditional MBA programs are best for people who are switching careers.

Who’s a good fit for an online MBA?

Given that online MBA programs typically skew toward older students who are already established at their companies, many programs try to tailor their courses to account for the differences in the in-person and online cohorts. Online MBA programs are usually aimed at students who want to stay in their current industry and career path.

Is the online MBA market growing?

Online education, including in the MBA space, has been growing for years. And with that growth comes normalization of the online format—for students, professors, and, crucially, employers.

How much does an online MBA cost?

The cost of an online MBA can vary from $10,000 to upwards of $100,000. The good news? Since many online MBAs are designed to be completed while working, students don’t have to forgo a salary while pursuing their education.

What is the biggest misconception of online MBA programs?

Students in the online MBA cohort can still have a tight bond even though classes are remote. Many online programs have some sort of in-person programming with required intensive weekends or week-long stints on campus.

Which online MBA ranking is best?

Fortune’s ranking of the best online MBA programs stands out by finding schools that not only offer comprehensive curricula, but also see their graduates move up in their careers.