Our Top Colleges for Online MBA Programs in 2023
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Your MBA and TheOnlineDegreeGuide.com
With the potential to unlock the gates to success in a myriad of career paths, a Master of Business Administration (MBA) is one of the most popular and practical postgraduate degrees available. Despite how useful earning one can be, our team at TheOnlineDegreeGuide.com understands the barriers many people face when it comes to joining and finishing an MBA program: namely, a shortage of both time and money.
In order to help prospective students overcome these hurdles, we’ve researched all 100% online, accredited MBA programs available and gathered the best options here on this site. The past decade has seen an explosion in online learning, with COVID-19 cementing it as the new standard. Whether it’s the ever-rising cost of in-person universities, the struggle of balancing school with work and family obligations, or health concerns related to the pandemic, the need for education that is accommodating is here, and that’s where online university programs come in. The MBA programs we review offer flexible scheduling, 24/7 classroom access, and self-paced learning that works with your busy life. Along with the flexibility and amenities each program offers, we also considered their affordability, how much financial aid is available, and their willingness to accept credit transfers. The result is our list of the Top 5 Colleges for Online MBA Programs.
Choosing to earn your MBA online can increase your odds of successfully finishing the program because you’ll be in control. With the ability to take your classes from any location, on your own time, you can easily adapt your education to the life you’re living now. With how accessible and affordable online education is now, achieving your goals in the business world is easier to do than ever before -- and starting on that MBA you’ve always wanted is the first major step. We hope this list makes your decision easier and gets you on the path to success.
What is an MBA?
A Master of Business Administration (MBA) is a business-centered graduate degree that focuses on the critical skills necessary for effective management within a company. Choosing to pursue an MBA will earn you skills in a multitude of areas, including business strategy, leadership, marketing, networking, and finance, all of which are beneficial to most career paths. For a more tailored focus of study, students can opt for a particular concentration, such as operations, healthcare management, international business, or accounting. The program and concentration that you pick should depend on your career goals as a whole -- an HR professional looking to move up to a managerial position might consider a human resources concentration, for example. Most MBA programs require prospective students to take the Graduate Management Admission Test (GMAT), which tests for critical thinking and reasoning, but many online MBA programs have made the process easier by getting rid of this requirement entirely.
Like most master’s degree programs, a full-time MBA program typically takes two years, though some online programs offer courses that last only a year to a year and a half. For those with busier schedules, programs offer part-time options as well, which could take anywhere from three to four years. For seasoned professionals who already have considerable experience in management, an Executive Master of Business Administration (EMBA) is also a consideration. This program generally takes two years, but is done on a part-time basis and focuses on business and leadership skill enhancement.
Regardless of what undergrad degree you have, what field you are currently working in, or what you are hoping to do in the future, an MBA can hugely benefit your career and earning potential. When it comes to choosing the right program for your needs, online MBA programs offer the same concentrations and terms of study as in-person schools do, while offering added schedule flexibility and often significantly lower tuition costs. These online programs offer a number of options that can uniquely benefit your future success, no matter what field you are hoping to excel in. When it comes to jumpstarting your career in a way that’s convenient and flexible, an online MBA program is the best path forward.
What can an MBA do for you?
When it comes to success in the business world, getting an MBA is one of the most valuable investments you can make. Whether it’s the indispensable business skillsets that students come away with, the huge variety of career paths it can benefit, or the potential jump in income prospects, getting an MBA is a worthy prospect for any professional. For those willing to put in the time and effort, this degree can take your professional growth to the next level. Here are just a few of the possible careers that an MBA can earn you:
Chief executives preside over all operations of a company. Depending on the size of the company, they may be joined by other top executives who are in charge of specific sections or functions within the business. Given that a chief executive can work in any field, there is no succinct way of describing the role or its requirements entirely, but all professionals who make it to the top of a company will need to be well-versed in all basic business skills, including leadership, finance, and strategy. As they will oversee the company as a whole, much of its success is in their hands.
Due to the incredible variance that can be found among professionals at this level, accurate wage estimations are difficult to determine. As they do not report on wages above $208,000, the Bureau of Labor Statistics lists both the 75th and the 90th percentile of chief executive salaries as sitting at $208,000 or more a year(1). The upper limits of earning potential for this role is likely into the millions.
Median Pay: $184,460(1)
Job Growth: Top executive positions are expected to grow by 4% from 2019 to 2029, which is about average (1).
Computer and Information Systems Managers
Computer and information systems managers, also known as IT managers, plan and coordinate all IT-related goals within a company. They will need a background in IT in order to effectively determine the technological needs and goals for the company. Additionally, notable interpersonal skills are necessary to manage the general IT staff and to work with other management within the company, as almost all sections will require IT assistance. Given how quickly technology is advancing, IT management is an in-demand position that requires professionals who are able to work in a fast-paced environment.
Median Pay: $146,360(2)
Job Growth: Computer and information systems manager positions are expected to grow by 10% from 2019 to 2029, which is notably faster than average(2).
Financial managers are in charge of the finances of a company. They analyze and present market reports, make investments, and create long-term financial goals and plans for their company. As they will be analyzing the market and making financial decisions based on their findings, advanced mathematical and analytical abilities are needed. Further, they will need notable leadership skills in order to effectively manage the staff they are in charge of.
Median Pay: $129,890(2)
Job Growth: Financial manager positions are expected to grow by 15% from 2019 to 2029, which is much faster than the average rate(2).
Human Resources Managers
Human resources managers are in charge of a company’s administrative functions, particularly when it comes to employment. They oversee all hiring efforts in a company, as well the distribution of benefits and the allocation of staff. As they effectively function as the link between a company’s general staff and its management, advanced interpersonal skills are necessary for this role. Additionally, given both the legal regulations and the company structures and expectations they’ll need to memorize, a strong attention to detail is also beneficial to this position.
Median Pay: $116,720(2)
Job Growth: Human resources management positions are expected to increase by 6% between 2019 to 2029, which is faster than average(2).
Management analysts focus on the profitability of their company. With the goal of increasing profits, they study the budget in order to find and suggest ways of increasing revenue and decreasing spending. They must possess considerable analytical and interpersonal skills, as well as a deep understanding of the company’s financials in order to make grounded and ultimately successful decisions.
Median Pay: $85,260(3)
Job Growth: Management analyst positions are expected to grow by 11% between 2019 and 2029, which is much faster than average(3).
Market Research Analysts
Market research analysts study market data in order to create targeted and profitable business proposals. They analyze market intelligence and present their findings to all relevant parties with the goal of increasing company cost-effectiveness. They will need considerable analytical skills to ensure that their market trend analysis is accurate, and they will need advanced interpersonal skills in order to communicate their findings and their ideas for growth to management.
Median Pay: $63,790(3)
Job Growth: Market research analyst positions are expected to grow by 18% from 2019 to 2029, which is significantly higher than average(3).
Sales agents working in the financial field analyze the market and participate in the buying and selling of stocks and bonds, commodities such as oil or gold, and services related to finance. In order to make successful market predictions and profitable sales or purchases, they must possess considerable mathematical and analytical skills. Along with these abilities, they will need exceptional interpersonal skills to allow for successful negotiations.
Median Pay: $62,270(4)
Job Growth: Sales agent positions are expected to grow by 4% between 2019 and 2029, which is about average(4).
Did you know?
Business and Financial positions are expected to grow 5% from 2019 to 2029, with 505,000 NEW job openings expected(3). What could you do with an MBA?
On average, management professionals made $65,880 more than the average median wage in 2019(2)(5).
Master’s degree holders earn an average of $5,988 a month -- that’s $996 MORE than those with a Bachelor’s degree(6).
Company Executives Annual Wages (2020)(1)
- 90th Percentile $208,000+*
- 75th Percentile $208,000
- Median (mid-point) $184,460
- 25th Percentile $112,790
- 10th Percentile $62,290
Median Annual Wages by Occupation (2020)(2)(3)(4)
- Computer and Information Systems Managers $146,360
- Financial Managers $129,890
- Human Resources Managers $116,720
- Management Analysts $85,260
- Market Research Analysts $63,790
- Sales Agents $62,270
*The Bureau of Labor Statistics does not provide salary statistics beyond $208,000 a year.