According to the National Center for Education Statistics, business programs have consistently ranked as the top master's degree option since 2010. Their popularity makes sense — a master of business administration (MBA) program can prepare graduates for administrative and managerial roles across industries.
These degrees can also help students increase their earning potential. For example, New York University's Leonard N. Stern School of Business reported an average salary increase of 56% for its MBA graduates.
However, each student's return on investment (ROI) varies and depends on several factors, including how much the MBA costs. Some programs carry price tags of over $100,000, which lowers the ROI, and the best MBA programs aren't simply those that cost the most.
We compiled proprietary data from a 2021 survey to discover the true cost of online MBAs and found that the average cost totaled around $33,000. Keep reading to learn more about affordable MBAs and which concentrations cost the least.
MBA Cost at a Glance
Of the 343 students surveyed, the average cost of an MBA was $33,700.
- Total spent on MBAs: $11,558,000
- 95 students paid $5,000 or less for their MBA
- 76 students paid $50,000-$100,000 for their MBA
- 30 students paid more than $100,000 for their MBA
- Highest recorded total cost of an MBA: $250,000
Online vs. on-campus MBA:
- An online MBA is, on average, $4,660 or 13.8% cheaper than the survey's average MBA cost.
- An on-campus MBA is, on average, $5,350 or 15.9% more expensive than the survey's average MBA cost.
- An online MBA is, on average, $10,010 or 25.6% cheaper than an on-campus MBA.
Student demographics:
- First-generation students pay an average of 10.4% more for their MBA than the survey's average.
- Males pay an average of 5.8% less for their MBA than the survey's average.
- Females pay an average of 6.4% more for their MBA than the survey's average.
- Of the 343 surveys collected, three students identified as nonbinary/third gender and paid 23.7% more for their MBA than the survey's average.
Survey Responses From 343 MBA Students
In 2021, we surveyed 343 MBA students to learn how certain factors can influence MBA cost. Our findings reveal that a student's characteristics and background may also affect the price. Read our detailed findings below.
| Answer | Total | Avg. Cost | +/- Avg | % Diff |
|---|---|---|---|---|
| On Campus | 41 | $39,050 | +$5,350 | +15.9% |
| Online | 107 | $29,040 | -$4,660 | -13.8% |
| Hybrid (less than 50% in person) | 106 | $41,610 | +$7,920 | +23.5% |
| Mostly online | 89 | $27,400 | -$6,290 | -18.7% |
| Ethnicity | Total Students | Avg. Spent on MBA | Cost vs. Avg. |
|---|---|---|---|
| African American | 29 | $29,230 | -13.3% |
| Asian | 22 | $36,320 | +7.8% |
| White | 260 | $33,780 | +0.2% |
| Latino/a | 19 | $35,210 | +4.5% |
| Multiracial | 2 | $74,000 | +119.6% |
| Undisclosed | 1 | $20,000 | -40.7% |
| Female | Students | Avg. Spent | Cost vs. Avg. |
|---|---|---|---|
| African American | 23 | $40,580 | +20.4% |
| Asian | 12 | $24,390 | -27.6% |
| White | 105 | $36,970 | +9.7% |
| Latina | 15 | $42,330 | +25.6% |
| Multiracial | 1 | $28,000 | -16.9% |
| All | 156 | $35,850 | +6.4% |
| Male | Students | Avg. Spent | Cost vs. Avg. |
|---|---|---|---|
| African American | 16 | $36,190 | -7.4% |
| Asian | 10 | $31,200 | -6.7% |
| White | 152 | $31,410 | -6.7% |
| Latino | 4 | $8,500 | -74.8% |
| Multiracial | 1 | $120,000 | +256.1% |
| Undisclosed | 1 | $20,000 | -40.7% |
| All | 184 | $31,740 | -5.81% |
| Nonbinary | Students | Avg. Spent | Cost vs. Avg. |
|---|---|---|---|
| White | 3 | $41,670 | +23.7% |
What Type of MBA Is Most Affordable?
MBA programs provide a broad foundation for students looking to pursue diverse managerial and directorial positions. However, these roles often require industry expertise. For example, an information technology (IT) manager and a human resource director might hold MBAs, but their daily responsibilities differ greatly.
As a result, many schools offer several MBA concentration options that help equip learners with niche skills. Below, we list MBA specializations from least to most expensive based on our survey data.
Check out our guides to affordable MBA programs:
MBA Graduates Respond: Is an MBA Worth It?
Among the 343 students surveyed in the Affordable Colleges Online study, 70% (256) indicated that their salaries increased. However, 91% (311) of students believed their salary would increase from an MBA. When asked if they would go back and get their MBA again, 87% of respondents said "yes." Explore responses from MBA graduates below.
Comparing the Cost of Popular MBA Programs
MBA program costs differ among institutions based on factors like school type, prestige, program quality, and length. On top of tuition, you may encounter fees and other expenses, including books and materials, transportation, and facilities fees.
The following table highlights the estimated total program tuition for some of the most popular MBA programs in the country. These cost estimates do not account for any additional student expenses or aid from grants and scholarships.
While upfront costs can help you make a program decision, it's important to consider how each school helps you manage your educational expenses. For example, some schools provide attractive financial aid packages, whereas others offer flexible schedules that allow you to maintain employment while enrolled.
| School | Institution Type | Delivery Format | Program Length | Estimated Total Tuition |
|---|---|---|---|---|
| Columbia University | Private, nonprofit | In person | 2 years, full time | $176,600 |
| Duke University | Private, nonprofit | In person | 2 years, full time | $155,850 |
| Northwestern University | Private, nonprofit | In person | 1.25-5 years, part time | $166,542 |
| Stanford University | Private, nonprofit | In person | 2 years, full time | $164,910 |
| Texas A&M University | Public | Online | 16 months, full time | $88,101 (resident), $114,635 (non-resident) |
| University of California, Los Angeles | Public | In person or hybrid | 27+ months, part time | $139,200 |
| University of Chicago | Private, nonprofit | In person | 2.5+ years, part time | $168,400 |
| University of North Carolina at Chapel Hill | Public | Online | 18+ months, full time | $125,589 |
| University of Pennsylvania | Private, nonprofit | In person | 20 months, full time | $168,660 |
| Yale University | Private, nonprofit | In person | 2 years, full time | $169,800 |
Paying for Your Online MBA
Degree-seekers can cover their MBA costs in many ways, including scholarships and loans. According to our survey, students paid for their MBA in the following ways:
- 73% personally financed their MBA
- 32% received grants or financial aid
- 6% say their employer paid 100% of the cost
- 21% say their employer paid a portion of the cost
- 2% paid for their MBA in a different way
How to Lower the Cost of Your MBA
Despite rising interest rates and college expenses, students can lower their MBA degree costs through various means. We explain how in this section.
Frequently Asked Questions About the Cost of MBAs
Survey Methodology
All data was collected between June 14, 2021, and July 3, 2021. Respondents were fielded by Lucid LLC. All 343 respondents were screened by multiple quality checks, including systems like Relevant ID. Responses were manually reviewed to ensure consistency and accuracy. Survey participants include 169 currently enrolled MBA students and 174 graduates from MBA programs within the past six years. Respondents are between the ages of 21 and 78. Identifications include 45% female, 54% male, and 1% nonbinary.
Student testimonials have generally been obtained with the offer of compensation for survey completion (e.g., entrance into a gift card drawing). Such testimonials are the opinions of such students. Surveys are designed to avoid influencing such testimonials either positively or negatively. All student respondents were supplied by Lucid LLC.
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