When exploring graduate schools that offer a Master of Business Administration (MBA), cost is a key consideration. No doubt, the cost of tuition and fees has ballooned in recent years. U.S. News & World Report pegs tuition and fee increases in the U.S. from 2002 to 2022 at 144% for private universities, 171% for out-of-state students at public universities, and 211% for in-state students at public universities.
Fortunately, there are affordable options for earning your MBA. You can do it online from the comfort of your home or from anywhere with an internet connection.
How Much Does a Master of Business Administration Cost?
The National Center for Education Statistics shows the average graduate tuition and required fees for public universities was $12,410 per year in 2019-2020. The average graduate tuition and fees for the same year at private schools was $26,579. Most graduate programs run at least two years, so the cost to complete the degree is twice as much — averaging roughly $25,000 for public schools and $53,000 for private schools.
MBA degrees, in particular, can be notoriously expensive. According to BusinessBecause’s Cost of MBA Report 2021, the average cost of an MBA from a top-ranked school in 2021 was $176,000. Living expenses, childcare, transportation, and other factors involved can also be costly.
And, notably, it is common for students to stop working or drastically reduce working hours when attending a full-time, campus-based MBA program for two years. This can result in students incurring substantial “opportunity costs.”
In this case, opportunity cost refers to the wages, promotions, and advancement opportunities a student might give up while attending school. Two years of lost income can be a hefty price tag, adding substantially to the “real” cost of an MBA.
Tuition and fees for accelerated online MBA programs can be more affordable than two-year, campus-based MBAs. But, according to data from Poets and Quants, tuition and fees for some online MBAs still ring in at nearly $150,000.
An Affordable MBA Option
While MBAs can be costly, you can earn a quality MBA from an accredited school for less than $20,000. Barry University offers an online MBA program with multiple concentrations. Whether you enroll in the general MBA program or a specialized program focused on management or marketing, the price is the same for all. Completing the Barry University MBA program costs $19,800, including all fees, and tuition is the same for both in-state and out-of-state students.
Barry University’s business school is accredited by the Association to Advance Collegiate Schools of Business (AACSB International) as well as the Southern Association of Colleges and Schools Commission on Colleges (SACSCOC).
Barry University’s MBA program is offered in a 100% online format. This means further savings, as there is no commute to campus, which saves students money on gas and parking. In addition, students with children can minimize childcare expenses.
Plus, the online format allows degree candidates to avoid the steep opportunity costs associated with traditional grad school. Students can continue to work, earn a regular wage, and take advantage of advancement opportunities while concurrently completing their online MBA.
Barry University has also earned the Military Friendly Schools Awards designation. This designation demonstrates the school’s commitment to helping U.S. military servicemembers and veterans accomplish their educational goals.
Transfer credits from previous graduate-level business studies may be applied to lessen credit hour requirements, if pertinent and approved. Even without any coursework to transfer, a student can earn a Barry University online MBA in as few as 12 months.
Learn more about Barry University’s online Master of Business Administration programs.