An MBA could earn you plenty of money, but first you have to pay for it. While many people still choose the traditional college route, that path to a degree is growing exponentially more expensive, which is why some people are seeking more affordable alternatives to work toward their MBAs.
In many cases, the total cost of an MBA is far above $100,000 and often closer to $200,000. Poets and Quants, a website dedicated to covering business schools and MBAs, listed the cost of the advanced business administration degrees at various colleges across the country. The most affordable on the list was $127,144 for an MBA from The University of Texas at Austin, while the most expensive was a degree from Columbia University at a total cost of $168,307. Even with the pumped up paychecks you will be earning through your MBA, that is a lot of cash.
“In many cases, the total cost of an MBA is far above $100,000.”
An online degree can save time and money
This is why some people are searching for an alternative to the traditional brick-and-mortar experience in order to make the path to an MBA more affordable. For instance, an online degree is one option that can save people both time and money as they work toward their MBAs. This option is especially useful for people who currently have full-time jobs, and would like to advance their careers by earning a business degree.
“If you’re going to stay generally on your same career path, the online MBA programs work pretty well,” Dan Smith, former dean of the Kelley School of Business at Indiana University, told the Huffington Post. “Some [people] are often times looking to move ahead with their current company or stay within that industry, as opposed to making a radical career change.”
An international education may be cheaper than a degree in the U.S.
For those people who still prefer good old classroom instruction, another alternative is to earn a degree abroad, where schooling is often cheaper than it is here in the U.S. MBA programs in other countries are also typically shorter than those in the U.S.
Forbes explained that while your typical U.S. business school requires two years of study to earn an MBA, abroad the requirement is usually half that. For example, the London Business School’s graduate degree requires 15 months of study, as opposed to Harvard Business School’s two years. And the former school’s program costs $79,820 compared with the latter’s tuition of $186,000.
Schools in other countries also offer networking opportunities worldwide, rather than simply in the U.S., the news outlet explained. The sort of diversity offered through both the student bodies and alumni of international schools is unparalleled in the U.S. This gives MBA earners who received their degrees abroad a much wider net to cast, in terms of searching for job prospects worldwide.