If you are planning to get an online MBA you might want to know how long it takes to get MBA online. Well, in this article we shall provide answer to this question, but in the mean time let’s look at what an MBA degree entails, the admission requirements etc.
What Does an MBA Degree Entail?
A Master of Business Administration (MBA) is a postgraduate degree offered to individuals who have exhibited high levels of business management knowledge and skill. The MBA program is aimed for individuals who have significant managerial experience yet want to improve their leadership abilities.
Employers around the world value the MBA, which is currently the most popular professional degree program in the world, according to the University of Essex.
Read also: How To Become a Chiropractor Online
What’s The Entry Requirements For MBA Program?
Any MBA program requires that you have relevant work experience. Corporate schools normally demand a minimum of three years of work experience for a regular MBA, but they may require a minimum of five, or even ten, years of experience for an executive MBA, which is primarily geared for working business leaders. Candidates must additionally possess a 2:1 or maybe 2:2 undergraduate degree and may be needed to take the Graduate Management Admission Test (GMAT). The GMAT allows students to demonstrate their academic competence while also displaying their business acumen.
How Long Does It Take To Get MBA Online
Most online MBA programs will take two to three years to complete on average. A cohort method to coursework is used by many schools, which means that a group of students enters the program at the same time and completes all requirements together. The classes are delivered in a lock-step structure, with a set of prerequisites that must be completed in a specific order.
As a result, many cohort-based programs will allow students to opt out of the sequential program and pursue their studies at a more leisurely pace. Other schools that do not use a cohort method have a broader range of predicted completion dates, although most students finish in about two years on average. There are programs that allow students to complete their online degree in five, six, seven, or even 10 years with either approach.
Marist College, Mississippi State University, and the University of Nebraska at Lincoln are the online MBA programs with the longest completion time allowances we uncovered throughout our investigation, with seven years, eight years, and ten years, respectively.
How Much Does an Online MBA Cost?
Students indicated that the average cost of a completely on-campus MBA was $39,048.78 in a study conducted by AffordableCollegesOnline in 2021. A fully online MBA costs around $29,037.38 on average. The type of institution, enrollment status, and delivery method all have an impact on tuition rates for online MBA programs.
Graduate degrees cost an average of $19,314 each year, according to the National Center for Education Statistics, with two-year programs costing $38,628 in tuition. However, online MBA pricing varies greatly amongst schools, with several of the country’s top programs charging more than $200,000 in total tuition.
In-state students at public institutions commonly pay lower tuition than out-of-state students, and public colleges sometimes offer lower tuition rates than private colleges. Some public universities, on the other hand, provide in-state tuition to all online students, regardless of their location.
Tuition costs are influenced by enrollment status. Part-time MBA programs allow students to work while attending school, but they have a lesser course load each semester, which keeps students in school longer and perhaps increases tuition costs. Accelerated programs, on the other hand, include a larger course load yet allow students to complete their degrees faster.
Students should also keep in mind that most MBA programs include additional charges such as application and registration fees, textbooks, and technology. It might be difficult to budget for higher education costs, but admissions advisors can help students understand the most typical costs and fees associated with college.
How To Pay For Your MBA Program
Graduate business programs often have good job and earnings prospects, and tuition fees reflect this. MBA students routinely graduate with over $50,000 in student debt, even at more affordable state colleges. Candidates for an online MBA can reduce their financial load by looking into educational funding options, which we’ve highlighted below:
Federal & State Grants
Grants from the federal government and provincial governments provide education funding that is never repaid. Few MBA students are eligible for grants that are commonly accessible at the undergraduate level. Some state and school-specific funds, on the other hand, may be available to help graduate students from particular backgrounds. Graduate students can use the FAFSA to see if they qualify for federal or state aid.
Federal & Private Loans
Federal and private loans, the most popular form of funding for graduate education, allow students to borrow money to pay for their studies. The federal government offers a variety of loans with different interest rates and repayment choices, as well as subsidized loans for students who demonstrate financial need. Private lenders, such as banks, also provide loans, although their interest rates are often greater than those offered by the government.
Some companies invest in their workers’ education by paying for some or all of their online MBA tuition. Employer support for graduate education may allow students to get their MBA degree online while still working, allowing them to apply what they’ve learned in class to their current job. To find these opportunities, students should speak with their employers.
Scholarships, like grants, don’t have to be paid back. Nonprofits, professional groups, community organizations, and private enterprises are among the entities that grant scholarships. Some scholarships are only available to people with specified backgrounds or careers. Searchable scholarship listings can be found on websites like Unigo and Niche.
Work & Study
Students are paid to work through work-study programs, which are funded by the federal government. Schools may strive to link students with work-study jobs that are appropriate to their academic and professional interests. Colleges can assist students in locating suitable work-study programs.
The GI Bill, which supports undergraduate and graduate students, is available to military veterans who want to further their education. The United States Department of Veterans Affairs (VA) provides direct assistance for tuition, academic fees, textbooks, and housing expenses to eligible veterans on a monthly basis.
Top Schools Offering Online MBA Programs
The following schools offer qualitative online MBA programs. Do well to contact them and get more information about their program:
University of North Carolina–Chapel Hill
For students with less than five years of work experience, the University of North Carolina–Chapel Hill (Kenan-Flagler) needs a GMAT or GRE; however, in extraordinary circumstances, this requirement can be waived. The average GMAT score is 670, and the undergraduate GPA is 3.2.
Last year, 57 percent of students applied to the online program at the public institution. In its online MBA program, Kenan-Flagler currently has 847 students enrolled, with a 96.15 percent one-year retention rate in 2020. Each year, there are four deadlines for submissions (one per quarter). In order to graduate, students must earn 62 credits.
For applicants with 10 years of work experience, Indiana University–Bloomington (Kelley) needs a GMAT or GRE score to be submitted with an application for its online MBA program. Incoming online MBA students have an average GMAT score of 655 and a GPA of 3.4.
Last year, 53 percent of applicants were accepted to the public university’s online program. In 2020, the school reported a 99 percent retention rate among its 1,484 online MBA students. Each year, prospective students have two opportunities to apply, and to graduate, they must complete 51 credits.
Carnegie Mellon University (Tepper)
Official GMAT, GRE, or EA results, or an authorized test waiver, are required for admission to Carnegie Mellon University’s online MBA program. The average GMAT score for prospective students is 674, with a 3.39 undergraduate GPA.
Tepper’s online MBA program has a 29.9% acceptance rate for 2020, and there are presently 166 students enrolled in the program. Tepper maintained a 94 percent one-year retention rate in 2020. To be considered for admission, applicants must apply by April 12th, and to graduate, students must complete 64 credits.
University of Southern California
Official GMAT or GRE results are generally required for admission to the University of Southern California (Marshall) online MBA program, although this is not required for individuals seeking for the fall 2021 semester. Incoming students have a 3.2 undergraduate GPA and a 624 GMAT score.
Marshall’s online MBA program has a 34 percent acceptance rate for 2020, with a 97 percent one-year retention rate. Marshall online MBA students must complete 51 credits to graduate, and the deadline to submit applications is June 3. There are 319 online MBA students enrolled at this time.
University of Florida
The average GMAT score for incoming students at University of Florida (Hough) is 592, and the average undergraduate GPA is 3.33. Official GMAT or GRE results are necessary, and applications are reviewed on a rolling basis. Florida’s online MBA program has a 72 percent acceptance rate for 2020, and there are now 492 students enrolled.
In 2020, the online MBA program had a 96 percent one-year retention rate. For the one-year program, students must finish 32 credits, while the two-year program requires 48 courses. International students must submit TOEFL results of at least 80 in order to enroll in Florida.
University of Maryland–College Park
GMAT or GRE scores are required for the University of Maryland–College Park (Smith) online MBA application, however waivers are offered based on job experience and academic record. Optional essays are available for prospective students to add to their applications.
The average GMAT score is 590, and the undergraduate GPA is 3.2. Smith’s online MBA program accepted 74% of applicants in 2020, and 360 students are presently enrolled. Applicants must apply by July 5 and include one letter of recommendation with their application. For Smith to graduate, he must earn 54 credits.
To apply for its online MBA program, the University of Pittsburgh (Katz) requires GMAT or GRE results, with no testing waivers allowed. Incoming students have an average GMAT score of 575 and a 3.3 GPA. Katz has a rolling admissions policy, with an acceptance rate of 86.9% in 2020.
Katz presently has 229 online MBA students, with a 90 percent one-year retention rate. Students must finish 45 credits and submit two letters of recommendation with their applications.
For online MBA candidates with at least three years of professional work experience, Syracuse University (Whitman) does not require a GMAT or GRE score. The average GMAT score for new students is 589, while the average undergraduate GPA is 3.1.
Whitman has an acceptance rate of 84 percent for 2020, and there are now 1,036 online MBA students enrolled. Each year, the school holds four application rounds, with potential students required to submit two letters of recommendation. The school’s online MBA program has a one-year retention rate of 90% in 2020.
University of Massachusetts–Amherst
GMAT or GRE scores, as well as two letters of recommendation, are required for acceptance into the University of Massachusetts–Amherst (Isenberg) online MBA program. Waivers are available for conditional testing. Incoming students have an average GMAT score of 570 and a 3.4 GPA.
Last year, 84 percent of applicants were accepted into the school’s online MBA program, with 1,341 students now enrolled. Every year, the school holds three rounds of admissions. Isenberg’s one-year retention rate in 2020 was 94 percent. To graduate from Isenberg, you must have earned 39 credits.
For its online MBA program, Rice University (Jones) needs a GMAT or GRE score from the previous five years, while testing waivers are granted if specific prerequisites are met. In addition, one letter of recommendation is necessary.
The average GPA for new students is 3.21, and the average GMAT score is 598. TOEFL scores are required of international students. The institution has 387 students enrolled in its online MBA program, which accepts applications on a rolling basis. Jones had a 70% acceptance rate in 2020. In order to graduate, students must complete 54 credits.
University of Washington
To apply for an online MBA program at University of Washington (Foster), you must have a GMAT, GRE, or EA score. Scores from more than five years ago will be accepted if they are accompanied by supporting documentation. Also available are waivers. The average GMAT score for prospective students is 619, with a 3.4 GPA.
For its online MBA program, the institution offers three application rounds, with a 71% admission rate last year. There are 156 online MBA students enrolled at the moment, with a one-year retention rate of 95.8%. An application must be accompanied by three recommendation letters.
Hope you enjoyed reading this article on: How Long Does It Take To Get MBA Online? You now know how long it takes to get an online MBA program. If you want to pursue an MBA online, do well to contact the schools listed in this article and get more information about their programs.