To determine the top online MBA programs for 2024, we conducted a comprehensive analysis that considered both institutional data and feedback from current students. Our methodology evaluated a range of factors, including post-graduation career success, the strength of technological resources, academic standards, and overall program affordability.
Is an online MBA worth it?
When assessing the worth of an MBA, regardless of its format (online or in-person), a thorough self-assessment is crucial. Begin by defining your personal goals for pursuing this degree and determine if a particular business school aligns with those aspirations.
To gauge the potential return on investment (ROI) of an online MBA, consider these key questions:
- Does the reputation and ranking of the institution hold significant weight in your desired industry?
- Does the program's structure, particularly the inclusion of live online classes led by experienced faculty, complement your learning preferences?
- Is expanding your professional circle and accessing career-enhancing opportunities a primary motivator?
- Does the program offer robust career services and resources specifically designed to propel your business administration career forward?
For instance, edX partners with top-tier universities to deliver online business administration programs distinguished by their live, interactive classes led by renowned faculty.
These programs prioritize small class sizes to foster engaging discussions and debates, catering specifically to working professionals with flexible scheduling needs.
Our 2024 Top Online MBA Programs
1- Carnegie Mellon University (Tepper)
Carnegie Mellon University's Tepper School of Business offers a flexible and accessible Online Hybrid MBA program. Applicants can submit GMAT, GRE, or Executive Assessment (EA) scores, with waivers available upon request. Professionals with two or more years of experience may also have the two-letter recommendation requirement waived.
Designed for a national audience, the program features fully remote courses, allowing students to participate from anywhere in the country. With a student-to-faculty ratio that favors personalized learning (125 faculty members and an average class size of 34 students), the Tepper experience is both rigorous and engaging.
The program boasts impressive career outcomes, with the median base salary for Fall 2023 graduates increasing from $111,000 (pre-enrollment) to approximately $150,750 within a year of graduation. To accommodate a variety of schedules, the program offers five application deadlines throughout the year.
2- University of Washington (Foster)
The University of Washington's hybrid MBA program prioritizes a holistic admissions process, opting not to require standardized test scores. However, applicants seeking to highlight their quantitative skills and program preparedness are welcome to submit scores. Two guided assessments/recommendations play a crucial role in the application process.
Core classes maintain an average size of 72 students, offering a collaborative learning environment. It's important to note that the program primarily caters to domestic students; international applicants typically require a U.S. employment visa for consideration.
The final application deadline for fall admission is June 15th. Graduates enjoy substantial salary gains, with alumni earning a median annual salary of approximately $155,000 just four months after graduation. The total program cost is $93,000, and students must complete 62 credits to earn their degree.
3- Arizona State University (Carey)
Arizona State University's W. P. Carey School of Business welcomes international applicants to its online MBA program, requiring proof of English language proficiency through TOEFL, IELTS, PTE, or Duolingo exams. While standardized test scores (GMAT/GRE) are not mandatory, they can be submitted at the applicant's discretion.
The program emphasizes personalized learning with an average class size of 44 students and a distinguished faculty of 366 members. The ideal candidate typically brings approximately seven years of work experience and an average pre-enrollment salary of $81,000. Prospective students should note that the application deadline is July 1st.
4- University of Iowa (Tippie)
The Iowa MBA program adopts a streamlined application process, making standardized tests and letters of recommendation optional for all applicants. However, international candidates must demonstrate English proficiency through TOEFL, IELTS, or Duolingo exams. The program fosters a close-knit learning environment with an average of 36 students per core course. For those interested in applying, the fall admission deadline is August 1st.
5- University of Massachusetts - Amherst (Isenberg)
The University of Massachusetts-Amherst's Isenberg School of Management understands that standardized test scores don't always tell the whole story. While a strong GMAT/GRE score can certainly bolster an application, their online MBA program allows candidates to leverage professional achievements and academic accomplishments as a compelling alternative.
Applicants have the option to submit a formal test score waiver request before applying. The program does, however, require two letters of recommendation to support each candidacy. Isenberg's online MBA delivers impressive results, with graduates reporting median base salaries of $183,920 just four months after graduation. The deadline to apply for the fall 2024 intake is July 15th.
6- Florida State University
Florida State University's online MBA program provides a flexible pathway to an advanced degree, allowing students to complete the curriculum in seven semesters. The GMAT requirement is optional for all applicants, streamlining the admissions process.
International students, however, must demonstrate English language proficiency by submitting scores from TOEFL, IELTS, PTE, Duolingo, Cambridge C1, or Michigan Language Assessment. With an average class size of 31 students, the program fosters a personalized learning environment. The deadline to apply for fall 2024 is June 1st.
7- University of Pittsburgh (Katz)
The University of Pittsburgh's Katz Graduate School of Business has adopted a "test-optional" admissions policy for all its programs, including the esteemed Katz PMBA. This means GMAT or GRE scores are not mandatory for application, allowing candidates to showcase their qualifications through other means. Two letters of recommendation are required to provide a comprehensive view of each applicant's potential.
The program demonstrates a strong return on investment, with students reporting a median base salary increase from $69,700 pre-enrollment to $93,000 post-graduation. International students must submit TOEFL, IELTS, or Duolingo scores as part of the application process. The deadline to apply is July 1st.
8- Santa Clara University (Leavey)
Prospective students seeking admission to Santa Clara University's online Master of Business Administration program for Fall 2024 can benefit from the university's flexible admissions policy.
While two letters of recommendation are required of all applicants, standardized test scores may be waived for those who can effectively demonstrate their quantitative abilities. International candidates should note the August 30th deadline and the requirement to submit TOEFL, IELTS, or Duolingo scores.
9- James Madison University
James Madison University's online MBA program emphasizes both academic aptitude and professional experience. Applicants can submit GMAT or GRE scores, demonstrating their preparedness for the program's rigor.
Additionally, two letters of recommendation are required, offering further insight into each candidate's potential. Non-native English speakers can fulfill the language proficiency requirement through TOEFL, IELTS, or Duolingo scores. The program attracts experienced professionals, with the average student entering with 9.5 years of work experience and joining a cohort of 22 peers.
10- University of Southern Indiana
The University of Southern Indiana offers a streamlined and accelerated online MBA program designed for working professionals. Eliminating the need for standardized tests and letters of recommendation, the admissions process focuses on relevant experience, requiring contact information for three professional references.
Despite large core classes averaging 173 students, the program boasts impressive outcomes, with graduates securing a median annual salary of $95,000 shortly after completion. Offered on a rolling admission basis with six start dates per year, the program can be completed in less than 12 months, requiring applicants to apply at least 10 days before their desired start date.
11- John Carroll University (Boler)
John Carroll University's Boler Online MBA program offers a distinctive 30-credit curriculum infused with Jesuit principles and experiential learning, preparing graduates for both professional success and personal fulfillment. Applications for Fall 2024 are due by August 24th.
While GMAT/GRE scores are not mandatory, applicants are welcome to submit them. All candidates should provide one letter of recommendation. International students must demonstrate English language proficiency with a minimum TOEFL score of 79. The program fosters a close-knit learning environment with an average of 22 students per course, guided by a dedicated faculty of 70 members.
12- University of Delaware (Lerner)
The University of Delaware's online MBA program, boasting a robust 44-credit curriculum and a distinguished faculty of 40, offers a comprehensive business education. The program prioritizes professional experience and career advancement, as demonstrated by graduates' impressive median base salary of $119,185.
While GMAT/GRE scores are not mandatory, applicants seeking to strengthen their application, particularly those with lower undergraduate GPAs, are encouraged to submit them. Non-native English speakers must demonstrate proficiency through TOEFL or IELTS scores. With an average class size of 35 students, the program offers a balanced learning environment. The deadline for applications is August 13th.
The Highest-Paying MBA Jobs
While a fulfilling and sustainable career encompasses more than just a high salary, the financial return on investment (ROI) of an MBA program remains a significant factor for many prospective students. It's important to note that earning potential is influenced by various factors, including industry sector, geographic location, and individual experience. For instance, private sector roles and positions in large cities often command higher salaries.
According to 2022 data from the U.S. Bureau of Labor Statistics, traditional business administration roles like Financial Manager ($139,790), Chief Executive ($189,520), Marketing Manager ($140,040), and Human Resources Manager ($130,000) tend to offer higher-than-average salaries. However, it's crucial to remember that landing these positions often requires additional training, certifications, or years of experience.
An MBA is not a guarantee of employment, but the best online MBA programs equip graduates with the advanced skills, industry connections, practical experience, and strategic perspective needed to pursue their desired career paths and unlock their full potential.
How To Find the Right Online MBA Program
Ready to propel your business career forward? Choosing the right online MBA program is a significant decision. Let's explore how to effectively narrow down your options and find the perfect fit for your aspirations.
Consider Your Future Goals
An MBA can be a powerful catalyst for career advancement across various business disciplines, including management, human resources, consulting, strategic leadership, and finance. The key is to choose a program that aligns with your specific career aspirations and experience level.
For those new to the workforce, an MBA program geared towards entry-level applicants, perhaps offering valuable internship opportunities, can provide a strong foundation. Experienced professionals seeking to elevate their career trajectory might consider programs tailored to their specific industry or desired specialization. Flexibility is also crucial. Part-time MBA programs offer a balance for individuals juggling work and family commitments.
The Graduate Management Admissions Council (GMAC) confirms the value of an MBA in today's job market. Their 2022 report highlights the high demand for MBA graduates among global employers, with graduates experiencing greater hiring success than those with other degree types.
Furthermore, GMAC projections indicate strong salary increases for MBA holders. Choosing the right program is an investment in your future earning potential and overall career success.
Understand Your Expenses and Financing Options
The cost of an online MBA program can vary significantly, ranging from approximately $15,500 to over $100,000. Our guide features programs with per-credit tuition fees from $515 to $2,421, highlighting this range.
To provide context, the National Center for Education Statistics (NCES) reports that in 2022, the average tuition and fees for graduate programs at public colleges were $12,596 per year, totaling around $25,000 for a two-year master's degree. In contrast, private universities averaged $28,017 per year, amounting to over $56,000 for a two-year program.
It's essential to recognize that MBA programs often come at a higher price point than other master's degrees. A 2023 BusinessBecause report indicated that the average cost of an MBA from a top-tier university is approximately $202,200.
Carefully researching program costs, funding options, and potential ROI is crucial when making this significant financial investment in your future.