Although some of the more expensive online MBA programs have the best reputations, cost is not necessarily an indicator of quality. Why is there such a big price difference, then? The cost of an online MBA program depends on a variety of factors including whether the school is public or private, the size of student body, and the amount of technology used on campus.
Online MBA Tuition
With the exception of a handful of online MBA programs (such as Syracuse’s iMBA), online MBA programs are less expensive than their on-campus counterparts. For example, Colorado State’s Online MBA program costs $26,000 compared to $29,000 for residents and $53,000 for non-residents. Northeastern’s online program costs $62,500 compared to $78,268 for their full-time, on-campus MBA program.
On average, online MBA tuition costs range between $35,000 and $50,000. An online MBA that costs less than $25,000 is usually considered a low cost online MBA, whereas an online MBA that costs $60,000 or more is considered expensive. Online MBA degrees offered by public universities are usually cheaper than those offered by their private counterparts.
Online MBA Fees
When calculating the cost of an online MBA program, don’t forget to include online MBA fees as well as other costs that will be added to your bill. While this article will provide you with an overview of the fees associated with online MBA programs, make sure you ask admissions officers about added fees for any of the programs you are considering. Here are some of the common online MBA fees that may not be included in the cost of your tuition:
- Technology Fee – This is usually the biggest and most common fee associated with online MBA programs, since online MBA programs can’t exist without hardware and software.
- Instructional support fees cover technology, staffing, supply or facility costs associated with running an online course. Tech support is usually covered by this fee.
- Student services fees – Fees may also be charged for other online services offered to students including: online library services, one-on-one tutoring, virtual academic advising, or online career services.
- Textbooks – Depending on the school, the cost of your textbooks/eBooks may not be included in your tuition.
Cost of a Computer for School
A computer is a must for any online student. You need to make sure that the computer you own meets the technical specifications for your online MBA program. If not, you will have to either buy a new computer or pay for an upgrade.
Even if you have the right computer, there are other computer-related costs that come out of your own pocket. Online education requires a fast and reliable internet connection, especially if you are participating in live video conferences, so you may have to upgrade to a speedier connection. You may also have to buy other computer equipment including a printer, scanner, external hard drive, and software. Try to anticipate your technology needs and use sites like Amazon to research what they will cost, so you can have a better idea of what the total cost of your MBA will be.