What Is an MBA Degree?
An MBA degree is called a Master of Business Administration and is a graduate-level program, meaning students must have a bachelor's degree to enter. MBA degrees are designed for students to pursue advanced career options in the business field, but they are also suitable for students who are looking for a career change and are just starting in the field. MBA programs are highly customizable; students can choose from many concentrations to tailor their education toward their specific career goals. Some concentrations include accounting, marketing, finance, business systems & analytics, human resources, and even information technology management. Students gain knowledge and skills suitable for positions in managerial and leadership capacities, and a culminating capstone project is usually due at the end of the program. The format of online MBA programs differs with each school, ranging from self-paced to synchronous, meaning they meet each week together at a certain time over the computer.
The Best Online MBA Degree Programs
| School | Tuition* | Acceptance Rate | Graduation Rate | Financial Aid % | Placement Services | Career Services | Accepts | |
|---|---|---|---|---|---|---|---|---|
| 1 | Maryville University of Saint Louis | $15646 | 83% | 71% | 99% | Yes | Yes | AP / NCCRS Credits |
| 2 | Lindenwood University | $18100 | 88% | 50% | 100% | Yes | Yes | AP / ACE / NCCRS Credits |
| 3 | Saint Leo University | $8900 | 80% | 53% | 97% | Yes | Yes | AP Credits |
| 4 | Pennsylvania State University-World Campus | $22186 | 76% | 71% | % | No | Yes | AP Credits |
| 5 | Lincoln Memorial University | $18123 | 50% | 55% | 94% | Yes | Yes | AP Credits |
| 6 | Citadel Military College of South Carolina | $22994 | 76% | 71% | 73% | Yes | Yes | AP / ACE Credits |
| 7 | University of Wyoming | $6289 | 96% | 60% | 93% | Yes | Yes | AP / NCCRS Credits |
| 8 | Eastern Washington University | $12704 | 96% | 54% | 96% | Yes | Yes | AP Credits |
| 9 | Fitchburg State University | $5742 | 88% | 58% | 91% | Yes | Yes | AP / NCCRS Credits |
| 10 | Kansas State University | $11277 | 95% | 65% | 88% | Yes | Yes | AP / ACE / NCCRS Credits |
| 11 | Indiana University-Bloomington | $10873 | 78% | 79% | 84% | Yes | Yes | AP Credits |
| 12 | University of Kansas | $11045 | 93% | 67% | 85% | Yes | Yes | AP Credits |
| 13 | Longwood University | $8982 | 90% | 66% | 90% | Yes | Yes | AP Credits |
| 14 | George Mason University | $15648 | 87% | 71% | 74% | Yes | Yes | AP / ACE / NCCRS Credits |
| 15 | University of Cincinnati | $14468 | 77% | 71% | 75% | Yes | Yes | AP / NCCRS Credits |
| 16 | University of Arizona | $13271 | 85% | 65% | 91% | Yes | Yes | AP / ACE Credits |
| 17 | Old Dominion University | $13128 | 89% | 53% | 94% | Yes | Yes | AP Credits |
| 18 | University of North Dakota | $12058 | 81% | 61% | 92% | Yes | Yes | AP Credits |
| 19 | California State University-Stanislaus | $8976 | 89% | 59% | 90% | Yes | Yes | AP Credits |
| 20 | University of Mississippi | $8828 | 88% | 66% | 86% | Yes | Yes | AP Credits |
| 21 | University of Nevada-Reno | $5931 | 88% | 61% | 88% | Yes | Yes | AP Credits |
| 22 | Ohio University | $9720 | 82% | 65% | 94% | Yes | Yes | AP / NCCRS Credits |
| 23 | Georgia College & State University | $7314 | 80% | 64% | 96% | Yes | Yes | AP Credits |
| 24 | Colorado State University-Fort Collins | $12871 | 81% | 70% | 79% | Yes | Yes | AP / ACE / NCCRS Credits |
| 25 | Murray State University | $9114 | 82% | 55% | 99% | Yes | Yes | AP Credits |
| 26 | University of New Mexico | $6456 | 94% | 54% | 94% | Yes | Yes | AP / NCCRS Credits |
| 27 | Saint Cloud State University | $8572 | 90% | 48% | 94% | Yes | Yes | AP Credits |
| 28 | Missouri State University-Springfield | $6250 | 88% | 56% | 97% | Yes | Yes | AP Credits |
| 29 | University of Iowa | $11666 | 83% | 72% | 85% | Yes | Yes | AP / NCCRS Credits |
| 30 | Sam Houston State University | $8016 | 83% | 54% | 86% | Yes | Yes | AP Credits |
| 31 | University of Sioux Falls | $7020 | 91% | 64% | 99% | Yes | Yes | AP / NCCRS Credits |
| 32 | Missouri University of Science and Technology | $11806 | 79% | 66% | 96% | Yes | Yes | AP Credits |
| 33 | California University of Pennsylvania | $12919 | 97% | 50% | 97% | Yes | Yes | AP Credits |
| 34 | University of Memphis | $10746 | 85% | 53% | 97% | Yes | Yes | AP / ACE Credits |
| 35 | University of Utah | $8396 | 62% | 70% | 85% | Yes | Yes | AP Credits |
| 36 | Clarion University of Pennsylvania | $12179 | 95% | 52% | 96% | Yes | Yes | AP Credits |
| 37 | Auburn University | $11504 | 81% | 79% | 72% | Yes | Yes | AP Credits |
| 38 | University of Massachusetts-Amherst | $16209 | 64% | 82% | 90% | Yes | Yes | AP / NCCRS Credits |
| 39 | Marshall University | $8728 | 87% | 49% | 96% | Yes | Yes | AP Credits |
| 40 | Shippensburg University of Pennsylvania | $11970 | 91% | 58% | 91% | Yes | Yes | AP Credits |
| 41 | University of Southern Indiana | $10046 | 93% | 50% | 92% | Yes | Yes | AP Credits |
| 42 | Utah State University | $7003 | 91% | 54% | 86% | Yes | Yes | AP / ACE Credits |
| 43 | Rowan University | $15787 | 74% | 73% | 86% | Yes | Yes | AP / ACE / NCCRS Credits |
| 44 | Troy University | $8506 | 88% | 47% | 92% | Yes | Yes | AP / NCCRS Credits |
| 45 | Kent State University at Kent | $11766 | 86% | 62% | 96% | Yes | Yes | AP / ACE Credits |
| 46 | University of Minnesota-Twin Cities | $19221 | 57% | 83% | 81% | Yes | Yes | AP / NCCRS Credits |
| 47 | Northeastern State University | $5101 | 100% | 33% | 93% | Yes | Yes | AP Credits |
| 48 | West Chester University of Pennsylvania | $12340 | 75% | 77% | 81% | No | Yes | AP / ACE / NCCRS Credits |
| 49 | University of Southern Mississippi | $8896 | 97% | 49% | 93% | Yes | Yes | AP Credits |
| 50 | Boise State University | $9646 | 77% | 51% | 84% | Yes | Yes | AP / ACE Credits |
To get a more in-depth look at our school ranking methodology, please visit our ranking methodology page.
*Tuition information is based on published tuition and required fees, per data by the National Center for Education Statistics (NCES).
Online MBA vs. MS in Business Administration
There are many MBA programs available as well as Master of Science (MS) programs in business or business administration. So what is the difference between an MBA and an MS in Business Administration? The main difference is the curriculum. While MBA programs do allow you to choose a concentration, the curriculum is interdisciplinary, so students get a broad range of knowledge and skills in many facets of the business field. Master of Science programs are more specialized, with the curriculum focusing more on one's chosen area, such as business administration, marketing, or finance. And while MBA programs may accept students looking for career changes, they are more tailored toward students pursuing career advancement. As a result, applicants typically need professional experience before applying. Master of Science programs are more tailored toward people who have an undergraduate degree but want to break into the business field. Even though MBAs and master's degrees have differences, both can be suitable options for you, depending on your personal and professional interests.
Why Should I Get an Online MBA?
The choice to obtain an MBA depends on your goals and interests, so the value of an MBA is entirely up to you and how you want to use it. However, there is some information that may help you decide. First off, MBA programs can be valuable to business professionals who want to advance their careers. Many top positions prefer or require job candidates to have an advanced business degree, and since MBA programs are interdisciplinary, you'll gain skills that can translate to several areas in a range of jobs. Also, MBA graduates tend to make more money than MS graduates in similar concentrations. For example, computer science careers tend to pay MBA graduates more than MS graduates. According to PayScale.com, MBA in Computer Science graduates, overall, made a median annual salary of $124,165 per year, while MS in Computer Science graduates made a median annual salary of $103,520 per year as of 2021.
How Long Does It Take to Earn an Online MBA?
Online MBA programs are more flexible, so the length of time it takes to complete an MBA them can vary. Some programs can be completed in as little as one year, while others may take up to 14 or 21 months, or close to 2 years. It can take longer when studying part-time, which is an option for online students or students who have careers. A more accurate way to measure time to completion is credits. Each program requires a certain number of credits to graduate, with each class being worth a specific amount. For example, one class may be worth 3 credits, and you might need 30 credits to graduate, so you would need to take a minimum of 10 courses in order to get enough credits. Each program will have varying credit amounts, but an average of 30-50 credits or units is required. Online schools typically have credit transfer policies, meaning some credits from previous courses taken can transfer to your current program and shorten the time to completion. However, this can vary, so it's best to check which MBA programs allow transfer credits.
Curriculum for Online MBAs
The curriculum for online MBAs cover general business knowledge in a variety of areas as well as specialized knowledge for specific careers, such as marketing or accounting. This is divided between core or foundational courses and specialized and elective courses, although some programs just require core courses for completion. Students learn skills for becoming leaders in their chosen fields and assuming more advanced positions, such as manager or supervisor. Depending on the school, specialist and elective courses may be part of a concentration, or the curriculum will just consist of general core courses with no concentration. The curriculum could culminate in a capstone project or portfolio for students to demonstrate their knowledge and skills.
MBA Foundational Courses
Foundational courses in MBA programs are the core courses that all students must take regardless of their chosen concentration. These courses explore general business topics that can be applied to multiple jobs and scenarios, not just one specific area. Most of the foundational curriculum covers business theories and skills such as leadership, management, organization, strategy, decision-making, and business fundamentals. Other topics such as micro and macroeconomics, entrepreneurship, and business law, may also be covered within the courses.
MBA Specialist and Elective Courses
MBA specialist and elective courses are what usually make up a student's concentration, although this isn't always the case. Specialist and elective courses that are part of a concentration are grouped together under the same area in order to build knowledge and skills in that area. For example, an accounting concentration will include courses that explore topics related to accounting, such as financial reporting, management accounting, and financial accounting. A total number of specialist and elective courses make up a concentration. In cases where concentrations aren't available, students usually choose 2 or 3 electives in any topic, such as consumer behavior, portfolio management, or data mining.
Licensure and Certification for MBAs
Licensure and certification for MBA graduates depends on the careers they pursue, and there are many. One example is for careers in finance. Accountants must usually pass the Certified Public Accountant (CPA) exam and become licensed by their state. Financial managers, which accountants can advance to, have a few certifications to choose from. They include:
- Certified Government Financial Manager; a bachelor's degree, an exam, and work experience are required
- Chartered Financial Analyst (CFA) certification; a bachelor's degree, work experience, and 3 exams are required
- Certified Treasury Professional credential; work experience, a graduate degree, and an exam are required
Although certification is usually voluntary, it can be valuable for establishing yourself as a qualified professional with extensive knowledge, skills, and experience.
Admissions Requirements for Online MBA Programs
The admissions requirements for online MBA programs are a bit more specific than other types of online graduate degrees. While some online programs only require a bachelor's degree, transcripts, and an application, others have additional criteria applicants need to meet. Most programs require a bachelor's degree that can be in any field, but business may be the most suitable. Official transcripts, a professional resume, 2-3 letters of recommendation, GRE or GMAT scores, and an essay might also be required. Some schools may also require an interview, done in-person or over webcam. The last requirement that can make the application process more specific than others is experience. Applicants typically need at least 2 years of professional business experience.
What Can I Do with an MBA?
There are many careers you can pursue with an MBA, though your chosen concentration may propel you in a specific path. Most involve working in managerial roles where you direct or lead teams of people. Several different jobs exist within the same career field. For example, the accounting field has jobs such as accountant, financial manager, financial analyst, and security sales agent, among others. Some MBA careers even involve technology, such as an IT director or a chief technology officer. The healthcare industry is also included, with a job as a health services manager. Some other careers MBA graduates can pursue include:
- Marketing manager
- Business operations manager
- Computer and information systems manager
- Investment fund manager
- Management analyst
- Human resources manager
Job Outlook for an MBA
Since there are many careers that MBA graduates can obtain, the job outlook for each one will vary. However, to give you an idea of how some careers are growing, the job outlook for a few careers is included. According to the U.S. Bureau of Labor Statistics (BLS), top executives have a job outlook of 4% from 2019-2029, which is as fast as the national average for all careers. However, since there are several types of top executives, this rate may vary by one or two percent with each position. However, employment of chief executives is expected to decline by 10% due to fewer new jobs and tasks being delegated to other workers.
The outlook for financial managers is very positive, with an expected job increase of 15% from 2019-2029. Financial managers and related specialty jobs are expected to grow in demand, creating room for more employment. As the economy grows, businesses and corporations will need to keep track of their finances more.
How to Become a Financial Manager
Financial managers oversee the financial growth of a company, business, or organization. It is their responsibility to see if a company is gaining money, losing money, or breaking even, and come up with strategies for improvement. A few responsibilities can include analyzing financial data and market trends, advising top executives on how to maximize profits, ensuring financial legal requirements are met, and supervising other finance workers. They also review financial reports, look for ways to reduce costs, and advise managers on making financial decisions. Financial managers can work in many industries, and they must be familiar with the processes, laws, and topics that are specific to the industry they work in. For example, a financial manager who works in healthcare must know how healthcare insurance works. There are several types of financial managers, including risk, cash, credit, and insurance managers, treasurers, and controllers.
Financial managers need at least a bachelor's degree and extensive work experience, but a master's degree is often preferred. An MBA in Accounting or Finance would be suitable. Many financial managers start their careers working as accountants, loan officers, or financial analysts before advancing. Some of these careers require certification, such as the Certified Public Accountant credential. Financial managers have many certifications to choose from, such as Certified Government Financial Manager, Certified Treasury Professional, and Certified Financial Analyst, all of which require experience and an exam. The BLS states that financial managers had an annual median wage of $129,890 in 2019.
How to Become a Chief Executive Officer
A chief executive officer (CEO) is a type of top executive. Other names the position goes by include managing director, president, and executive director. These professionals are in charge of the overall direction of companies and organizations. Their specific duties depend on the size of the organization and what industry they are in, but chief executive officers of larger corporations typically focus on strategic planning and policy formulation. Although they are the top executive of a company, they must report to a board of directors. Chief executive officers direct other top executives, as well as collaborate with them. They are usually in charge of a company's daily operations and may create and implement policies as well as ensure that the company's goals are being met.
Chief executive officers must have at least a bachelor's degree, but many have an MBA or another related master's degree. They also need many years of work experience in order to reach this position. They usually start out in lower-level positions and move up within the company. This isn't always the case, though; some companies hire these executives from outside the organization. Extensive experience in lower and upper management positions is a common requirement. Additionally, chief executives officers must have experience within their area of specialty. For example, the chief executive officer of a financial company must have experience working in finance. Lastly, specific certification is not required for chief executive officers, although they may be required to be certified in the specialty they work in; for example, they may need to have CPA certification. The BLS states that the annual median wage for chief executives as of 2019 was $184,460.
MBA Professional Organizations
MBA students and graduates have opportunities to network with their peers. One way to do this is to join a professional organization. There are many organizations for MBA graduates to choose from that are tailored toward their career specialty. The American Accounting Association is a professional organization for accounting professionals to network, access continuing education materials, and get the latest industry news. The American Marketing Association is for marketing professionals to get discounts on certifications and conferences, request interns, and access academic journals and tools to further their careers. The National Association of Chief Executive Officers is for the top executives of companies and organizations to meet together. It is invitation-only and reserved for senior-level executives. Members must be top executives of qualifying companies and organizations and meet employee and revenue requirements.
Common Undergraduate Degrees for MBAs
While an undergraduate degree in any field can qualify you for an MBA, many MBA programs require graduates to have professional experience. A Bachelor of Science in Business Administration (BSBA) is the most direct option since its curriculum focuses on many of the same topics as MBA programs but from an introductory level. Courses include accounting, business management, micro and macroeconomics, communication, and project management, among others. Many BSBA programs also have concentrations to choose from so you can study topics related to your desired career field. Lastly, a capstone project is usually required, so students can demonstrate the knowledge and skills they've gained.
Post-Graduate Options After Completing an MBA
Graduates of MBA programs have two options for further education; a PhD in Business Administration or a Doctor of Business Administration (DBA). Both programs are intended for advanced study of business theory and skills and prepare graduates for top positions in companies, research, and academia. Both programs also allow students to choose a concentration, such as accounting, marketing, management, and information systems. Courses in areas such as statistics, analysis, research methods, and teaching are required.
The PhD program is a bit more research and theory-focused, with much of the coursework being dedicated to a dissertation. Students learn valuable research skills and are prepared to contribute to research in the field as well as teach college courses. DBA programs can similarly prepare students for careers in research and academia, but are more skills-focused and are intended for graduates to work as practitioner-scholars instead of just scholars or teachers, meaning they would still work in the business field alongside completing research. DBA students must also complete a dissertation.
Financial Aid, Scholarships and Grants for Online MBA Programs
Filling out the Free Application for Federal Student Aid (FAFSA) form should be your first step in obtaining financial aid for your MBA degree. This form asks you about you/your household's financial history to determine what types of federal aid you are eligible for. The most common types are loans, grants, and work-study programs. You must be enrolled at an accredited post-secondary institution with good academic standing in order to qualify, among other criteria. Federal aid is administered through the U.S. Department of Education.
Aside from federal aid, there are plenty of scholarships available from universities, associations, and organizations at the local, state, and national levels. The criteria differs for all, from needing to major in a certain area to maintaining a high GPA, among other criteria. The Mary Elizabeth Lockwood Beneventi MBA Scholarship of $2,000 is awarded to a full-time graduate business administration student with a minimum GPA of 3.25. The LAGRANT Foundation Scholarship Program awards $3,750 to African American, Asian American, Pacific Islander, Native American, and Alaska Native graduate students studying a degree field with an emphasis in advertising, marketing, or public relations. The Richard Metzler MBA Scholarship awards $2,500 to MBA students who demonstrate a commitment to a career in management consulting, academic excellence, and community service.