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An MBA can be costly, with tuition, living expenses, and other associated costs often totaling more than $100,000. But don't let the cost scare you away – there are many affordable and accessible MBA programs in the United States that won't break the bank.
These programs offer unique benefits, including low tuition costs, on-campus housing and meal plans for residents, and no application fee. Many of these schools also provide generous financial aid packages to those who qualify. If you're looking for an MBA on a budget, keep reading to learn about some of the most affordable MBA programs in the USA.
Most affordable MBA programs in the USA.
New York University
NYU is one of the world's most well-known and respected universities and has been offering MBA programs for decades. The school offers several MBA programs through its Stern School of Business, including full-time, part-time, and executive MBA programs. The full-time program is offered at two campus locations in New York City – Wall Street and Greenwich Village – and is designed for students who wish to complete their MBA as quickly as possible.
The part-time program is offered at a variety of campus locations around the world, while the executive MBA program is offered in several U.S. cities and London. The school offers a generous financial assistance package to students based on financial need, and the program is also partially funded by employers. All international students are also eligible for financial aid and several scholarship opportunities.
Indiana University
Kelley School of Business Kelley is one of the country's top schools and has one of the most affordable and accessible MBA programs. Full-time MBA students are required to complete the program in two years, and the school offers nine different start dates throughout the year. In addition to the full-time MBA program, the school also offers part-time and executive MBA programs.
The part-time program is designed for working professionals who wish to earn their MBA in less time. In contrast, the executive MBA program is tailored towards students with a minimum of five years of professional experience.
Kelley offers several unique benefits, including guaranteed tuition rates, on-campus housing with meal plans, and no application fee. Also, students in financial need can receive substantial financial assistance from the school, and some scholarships can be applied to both the full-time and part-time programs.
University of Illinois Urbana Champaign
The University of Illinois's MBA program is also one of the most accessible and affordable in the country. The school offers both a full-time and part-time MBA program, with the part-time program designed for working professionals who wish to earn their MBA quickly.
The full-time program is offered at the school's main campus in Urbana-Champaign, while the part-time program is offered at various campus locations and online.
They also offer an executive MBA program, especially for experienced working professionals. The school's admission is extremely selective, but students who do get in are rewarded with very low tuition and minimal out-of-pocket costs. The school offers all students a generous financial aid package based on their financial needs.
University of California
UCLA's Anderson School of Management is one of the most well-known and prestigious business schools in the country and one of the most affordable. In 2017, U.C. ranked as the number one public university in America by U.S. News & World Report for the 18th consecutive year.
The university offers over 100 undergraduate and graduate degree programs in various disciplines. In 2018, UC Berkeley ranked 12th nationally for best value among public colleges and universities, according to Kiplinger's Personal Finance magazine. Lastly, U.S. News ranks their MBA program among the top 10 programs in the country.
The full-time program is offered at two campus locations in Los Angeles – Downtown and the Health Sciences campus – while the part-time program is offered at a variety of locations.
In addition to the MBA program, the school also offers various graduate business programs, including an MBA for healthcare administration and an MBA for business analytics. All students are eligible for the school's generous financial aid package based on financial need, and the school also provides funding opportunities for students who are employed full-time.
University of Washington
UW's Paul Merage School of Business is one of the country's most respected and well-known business schools and is also one of the most affordable. The Paul Merage School of Business at the University of California, Irvine, is one of the top-ranked business schools in the United States. It offers a wide range of undergraduate and graduate degrees in accounting, finance, management, marketing, and economics.
The school was founded in 1989 as the UCI Graduate School of Management by Dr. Paul Merage with a $5 million grant from The Irvine Company. It was renamed to honor Dr. Merage after his death in 2007 and became part of the University of California system in 2012. The full-time program is offered at the school's main campus in Seattle, while the part-time program is offered at several campus locations around the country.
The tuition fees are low, and out-of-pocket expenses are minimal. Depending on each student's financial need, the school also offers generous financial aid packages.
Carnegie Mellon University
Carnegie Mellon University is a private research university in Pittsburgh, Pennsylvania. It was founded in 1900 by Andrew Carnegie as the Carnegie Technical School. In 1912, the school became the Carnegie Institute of Technology and began granting four-year degrees. In 1967, the school became Carnegie Mellon University.
Carnegie Mellon is organized into six colleges and schools: College of Engineering, College of Fine Arts, and Dietrich College of Humanities and Social Sciences. The university offers more than 100 undergraduate majors across its seven schools.
Carnegie Mellon University offers a full-time MBA program that lasts for two years.
It has four majors: one in Business, one in Information Systems, one in Engineering Management, and another in Environmental Sustainability.
Each of these programs is designed with the needs of students and their industries in mind.
AACSB International accredits this program.
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Bottom line
Choosing an affordable MBA program is just as challenging as choosing an expensive one. To find the right program, you must consider more than just the price. You need to consider the school's location, the program's size, the type of students who attend it, and the career opportunities the program will provide after graduation. Keep these factors in mind as you browse through the schools listed above, and you're sure to find an affordable MBA program in the USA that is right for you.
Most Affordable MBA Programs in the US: FAQs
1. What are the most affordable MBA programs in the US?
Several universities offer high-quality MBA programs at a lower cost. Resources like US News & World Report and Top Management Degrees compile rankings of the most affordable MBA programs. You can find their lists here:
- https://www.usnews.com/education/online-education/slideshows/10-most-affordable-online-mba-programs
- Top 50 Most Affordable MBA Programs - Top Management Degrees: https://www.topmanagementdegrees.com/rankings/top-50-most-affordable-mba-programs-2019
2. Are there any scholarships or financial aid options for MBA programs in the US?
Yes! Many universities offer scholarships and financial aid specifically for MBA students. These can be merit-based, need-based, or program-specific. Explore the financial aid pages of universities you're interested in, and don't hesitate to contact their financial aid office directly.
3. Is an affordable US MBA program a good value for an international student?
Affordability is just one factor to consider. Look for programs with strong reputations, good job placement rates for graduates, and alumni networks that can support your career goals. You can find program rankings and alumni career outcomes on university websites and through independent resources like the Financial Times or The Economist.
4. What are some alternatives to traditional, expensive MBA programs?
There are a few options:
- Online MBA programs: These offer flexibility and can be more affordable than traditional programs.
- Part-time MBA programs: Allow you to continue working while earning your degree, spreading out the cost over a longer period.
- Executive MBA programs: Designed for experienced professionals, these programs are often more intensive but can be completed in a shorter timeframe.
Remember, the "best" MBA program depends on your individual goals and circumstances. Consider cost, program format, location, and career focus when making your decision.
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